Shiba Inu Price Surges Amid Positive Triggers and Upcoming “Summer of Shibarium” Event

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Shiba Inu, the second-largest meme coin, is rising due to positive triggers. The Shiba Inu token (SHIB) has seen an extraordinary increase in large transactions. Within two days, major transactions increased by 600%.

But what’s causing this crazy Shiba Inu price rise? Is this upgrade excitement justifiable because ETH is still struggling despite several upgrades? Let’s discuss the main factors.  

“Shibarium” a Key Catalyst Behind the Surge?  

Shiba Inu, renowned for its playful and meme-inspired nature, is riding a bullish wave fueled by its upcoming “Summer of Shibarium” event. This event is shrouded in anticipation and is set to introduce Shibarium, a groundbreaking Layer-2 solution designed to enhance the cryptocurrency’s capabilities. The community’s fervor surrounding this imminent event has contributed to a remarkable increase in large SHIB transactions.

As reported by IntoTheBlock, a leading blockchain analytics platform, transactions involving SHIB valued at $100,000 or more have witnessed a remarkable surge. Within 24 hours, these high-value transactions recorded a massive growth of $91 million, shooting the surge to 600%. Going by the numbers, 8.71 trillion SHIB tokens were exchanged, marking a remarkable milestone in the cryptocurrency’s journey.

But is it an oversold condition?

A noteworthy factor behind SHIB’s remarkable surge lies in its resilience during oversold conditions. As the price of SHIB experienced a prolonged drop, it created a hysteria for bullish traders to step in and drive the price upwards. However, the dynamics show that the crypto which was in the red in Q1 got the ability to fight back, even in challenging market scenarios.

Right now the market is full of new meme coins, but still, SHIB stands out due to its consistent performance and comparatively stable price trends. While other tokens like PEPE and BALD have faced challenges, SHIB has maintained a more reliable trajectory, bolstering investor confidence. This reliability has made SHIB an appealing choice for those seeking a more secure investment in the volatile crypto space.

With SHIB’s price recently spiking by 6% within 24 hours, reaching $0.0000096, it’s evident that the cryptocurrency is capturing the attention of traders and investors alike. As the “Summer of Shibarium” event draws closer, the excitement and curiosity surrounding Shiba Inu’s future continue to mount.