- Shiba Inu (SHIB) price rallied more than 350 percent in the past two weeks, thus signaling the bulls are in control after two years of a bear market.
- The launch of the Shibarium scaling solution has attracted more web3 developers to the Shiba Inu ecosystem, which recently surpassed over $1.8 million in TVL.
Shiba Inu (SHIB), the second largest meme coin after Elon Musk-backed Dogecoin (DOGE), has registered tangible gains in the past two weeks. The notable demand for meme coins has seen SHIB’s daily trading volume spike to more than $12 billion, thus a volume-to-market cap ratio of more than 61 percent.
According to Shiba Inu’s lead developer Shytoshi Kusama, the notable growth in SHIB is directly attributable to the team’s vision, strong supporters, major partnership, and proper execution of the plan.
Shiba Inu Developer Teases New Product Soon
Over the past two years, Shiba Inu has gradually transformed from a meme coin that heavily relies on crazy speculation to a utility coin. Last year, Shiba Inu core developers launched the Shibarium scaling solution that has attracted nearly $2 million in Total Value Locked (TVL) from the dozen web3 protocols. As a result, Shiba Inu’s auto burn rate has significantly increased as the on-chain activity increased in tandem with the Shibarium’s adoption.
In a bid to ensure a sustainable future growth prospect, lead developer Kusama announced on Wednesday that an upcoming announcement will entail the release of a new product to enhance the mass adoption of SHIB. Although Kusama did not reveal the details of the upcoming product, the announcement triggered significant speculation from Shibarmy.
While they sleep… we’re up, in meetings, talking to the other side of the world for the upcoming announcement and release of an important #Shib themed service/product.
Crypto doesn’t, sleep we just FG! pic.twitter.com/Z3lxTg4Wkc
— Shytoshi Kusama
(@ShytoshiKusama) March 6, 2024
Meanwhile, Kusama is confident that Shiba Inu will reach $100 billion in market capitalization during this cycle, thus making it a major altcoin with deep liquidity. The notable cash inflow to the crypto market registered in the past few weeks as investors flee the high fiat inflation is an indication the bull rally will continue in the coming quarters.
SHIB Price Aims for ATH
Amid the ongoing crypto bullish outlook fueled by heightened demand from institutional investors, Shiba Inu price has heavily benefited. The largest meme coin on the Ethereum (ETH) ecosystem rallied more than 350 percent in the past two weeks to trade above $0.0000347 on Wednesday, March 6, 2024.
The large-cap meme coin, with a fully diluted valuation of about $20 billion, only needs to rally 50 percent to reach its all-time high, which was achieved during the 2021 bull rally. For the first time since October 2021, the SHIB/USD derivative has seen its weekly Relative Strength Index (RSI) rally above the 70 level. As a result, it is safe to assume the SHIB bulls are in control after more than two years of bear market.
Market Check
As Crypto News Flash recently reported, the Shiba Inu growth is well bolstered by the notable whale accumulation, increased auto burn rate, significant partnerships, and the ongoing meme coin frenzy. However, the Shibarmy is largely concerned with the notable rise of other meme coins like FLOKI, PEPE, and dogwifhat (WIF), among others.
