Shiba Inu, the meme coin featuring a dog motif, has been experiencing a sustained upward trend this weekend, with its price surging since late Friday.
Shiba Inu saw a significant recovery after breaking out of a consolidation phase on Friday afternoon. At the time of writing, the meme coin was trading at $0.0000097, representing a 9.2% increase in the past 24 hours, according to data from crypto market tracker Coingecko.
The peak of Shiba Inu's solid upward trend was seen over the seven-day period, with an impressive rally of 15.1%. At the last check, the coin's 24-hour trading volume surged 236% to $683 million. The market capitalization also rose 12.3% to $5.81 billion.
The price surge can be attributed to Binance loans. SHIB reached the milestone of $0.000095 for the first time since May of this year after Binance revealed that the meme currency is an accepted security for loans on the exchange.
As a result of this development, SHIB holders can use their tokens as collateral to obtain "flexible loans" on Binance. Moreover, this move gives the coin more credibility beyond its meme roots and leads to an increase in its value, reviving investor interest.
This development highlights the dynamic nature of the cryptocurrency market, where the intersection of social media trends, technological advancements, and institutional acceptance can cause meme coins like SHIB to achieve remarkable milestones and attract the interest of both crypto enthusiasts and the mainstream financial community.
In anticipation of Shiba Inu's blockchain initiative called Shibarium, enthusiasm for cryptocurrencies has also intensified in recent days. Shibarium is expected to offer an alternative to the Ethereum blockchain, being faster and more energy-efficient, and reducing the overall supply through token burns.
Shiba Inu has just achieved a significant milestone highlighted by the social analytics platform LunarCrush. According to a tweet from the social analytics website, Shiba Inu has the highest overall social and market activity compared to the entire crypto market.
This achievement showcases the growing market influence of Shiba Inu. Not only does it dominate the market, but it also stands out for its social engagement.
In particular, SHIB has surpassed 4,481 other coins and secured the top spot in AltRank. The cryptocurrency has experienced a flurry of activity in the past 24 hours, logging an incredible 200,365,743 social interactions.
It's important to note that the content of this article should not be considered investment advice. Investing carries risks, and if you choose to invest, your capital is at risk.
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