SHIB now among the top-10 cryptos - What explains the surge?

SHIB now among the top-10 cryptos – What explains the surge?

5 March 2024

in SHIBA

Reading Time: 4 mins read

SHIB trading volumes saw 241% increase in the last 24 hours.
SHIB’s social mentions spiked sharply.

Shiba Inu [SHIB] stormed into the top 10 cryptos by market capitalization list after bouncing over 50% in the last 24 hours. The popular dog-themed token was up nearly 300% in the week, according to CoinMarketCap, amidst a raging bull cycle that swept through the broader memecoin market.

Traders scurry for profits

More than $13 billion worth of SHIBs exchanged hands in the 24-hour period, marking a 241% increase from the previous day.

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The lure of higher returns was attracting a swarm of profit-hungry traders. As of this writing, SHIB holders had unrealized profits of over 90% on their investments on an average, AMBCrypto’s analysis of Santiment data revealed.

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Interestingly, such levels were last seen during the peak of last bull market in October 2021.

Source: Santiment

Shiba Inu makes important announcement

Apart from the broader market rally, events specific to its own ecosystem might have contributed to SHIB’s surge over the last 24 hours.

Notably, Shiba Inu announced the launch of version 1.1 of its ambitious venture Shib Name Service (SNS) in an X post, grabbing attention of the community.

Unveiled last year, SNS is a naming service that allows users to create human-readable addresses for their Shibarium wallets. Using this, users could send tokens to their friends and contacts using unique Shib names, as opposed to lengthy and confusing wallet addresses.

SNS was dubbed as the first step towards building “Shibdentity”, a framework that allowed users to own and control their digital identities.

Regarding the latest update, Shiba Inu informed the community that transfers of tokens with exiting names would be stopped and the new *Shib names would be airdropped in the next 24 hours.

Read SHIB’s Price Prediction 2024-25

SHIB’s social buzz rises

These exciting developments, coupled with meteoric price rise, boosted social media activity for the memecoin. The number of mentions of SHIB on top crypto-linked social media groups spiked significantly on the 4th of March.

Moreover, SHIB’s weighted sentiment sailed higher in the positive zone, signaling bullish expectations in the future.