Benzinga - Shiba Inu (CRYPTO: SHIB), a widely followed cryptocurrency, spiked Sunday morning, creating a stir in an otherwise quiet weekend on the crypto front.
What Happened: Shiba Inu, which is named after the namesake Japanese hunting dog, ended Friday’s session at $0.00001097 and traded Saturday in the $0.00001092-$0.00001121 range before settling at $0.00001111.
The meme crypto opened Sunday’s session higher at $0.00001126 and ran up to $0.00001158, up 3.21%, according to Benzinga Pro data. Lending more credence to the upward move, the 24-hour volume spiked over 60% to $347.03 million and market cap rose over 3% to $6.84 trillion.
For the year-to-date period, the crypto is up a whopping 44%.
SHIB’s gain is commendable, given that major cryptos such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are little changed. As of writing, Shiba Inu’s cousin Dogecoin (CRYPTO: DOGE) was trading down about 0.54%.
What's Next: Shiba Inu is driving higher on the promise of the layer-2 scalability platform Shibarium, which is widely expected to enable faster and more efficient transactions. Shibarium is also expected to facilitate the creation of additional meme coins used for transactions within the SHIB ecosystem, further increasing the utility of the coin and, in turn, its adoption.
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