After bitcoin BTC/USD's impressive surge above $64,000 last week, Shibabu's meme coin SHIB/USD has experienced a monumental surge.
The value of #SHIB hit a multi-month peak in the early hours of Saturday, recording a 68.5 percent rise to $000002196 and 122.8 percent for the week.
The rise started from a low of $000000934 on February 24, and prices rose sharply on March 1 and 2, marking the beginning of eight consecutive days of gains.
Such a significant rise in prices was accompanied by a 407% increase in trading volume over the 24-hour period, reaching $7.389 billion.
According to Santiment, a #blockchain analytics company, Shibainu's significant growth is one of the latest #meme coins to experience a sharp price increase.
The growth is attributed to Shibarium's key partnership with cryptocurrency company Zama, which aims to develop a new privacy-focused network based on the #Shibarium blockchain.
SHIB's rise puts the coin in a significant growth zone, with 437.52 trillion SHIBs purchased by 170,400 addresses at an average price of USD 0000021, which could provide important support if the price retreats.
Meanwhile, the "whale" deal to transfer 3.02 trillion SHIB tokens boosted interest in the meme coin. This surge was driven not only by market dynamics, but also by several key events in the Shibboleth community.
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Notable initiatives such as SHEboshi, the upcoming launch of KNINE and Sharby's FETCH bridge have fueled enthusiasm for SHIB.
Additionally, dog-themed cryptocurrencies have exploded, with a 30187 % increase in their exchange rate on March 1.
The destruction of 3.75 million SHIBs in the last 24 hours has reduced the supply of coins, further fueling bullish investor sentiment.
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