Why is the Shiba Inu (SHIB) Price Up Today?

TL;DR

• The cryptocurrency market is up, with Shiba Inu’s price increasing by 7% on a 24-hour scale.
• The rise could be attributed to the meme coin sector’s growth, among other reasons.

The cryptocurrency market has entered into green territory once again today (March 21), with Bitcoin (BTC) and numerous other digital assets charting substantial gains.

One popular token that has also headed north is the self-proclaimed Dogecoin-killer – Shiba Inu (SHIB). It is up 7% for the day, while its market capitalization surpassed $15 billion.

SHIB Price, Source: CoinGecko

A factor that might have contributed to its price rally is the overall resurgence of the meme coin sector. The niche’s market cap has soared by 15% in the past 24 hours, reaching approximately $55 billion, while leading assets of that type, including Dogecoin (DOGE), Pepe Coin (PEPE), and Floki Inu (FLOKI), have jumped by double digits.

Shiba Inu might also have benefited from the revival of the layer-2 scaling solution Shibarium. Daily transactions on the network have reached over 83,000, an 800% increase from yesterday’s figure. 

Launched in August last year, Shibarium aims to foster the development of the Shiba Inu ecosystem by reducing transaction fees and improving speed. Those willing to learn more about the feature could take a look at our dedicated video below:

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