SHIB is up over 16% in 24 hours, prompting a reaction from Gokhshtein
Leading doggy-themed cryptocurrency Shiba Inu (SHIB) is enjoying a massive rally that saw it spike more than 16% in the past 24 hours. According to CoinMarketCap data, Shiba Inu surged as high as $0.00001457 in the early hours of today from a 24-hour low of $0.00001232.
At press time, SHIB is trading around $0.00001373, up 10.2% in the past day. Although the price of Shiba Inu has retraced below its 24-hour high, the asset class still ranks as the best-performing cryptocurrency among the top 50 coins on CMC. Interestingly, Shiba Inu’s trading volume has also exploded by 88% over the past 24 hours, CoinMarketCap data shows.
What’s Fueling SHIB’s Price
Several factors, including massive whale interest and Shibarium anticipation, could be responsible for the recent price hike of SHIB. As reported today, Shiba Inu flipped Polygon (MATIC) to become the most traded cryptocurrency among the top 100 ETH holders. WhaleStats also reported that these deep-pocketed investors hold a whopping $631.2M worth of SHIB tokens.
Meanwhile, Unification, the developers of Shiba Inu’s layer-2 network Shibarium, finally revealed why the public beta network had not gone live. Unification said it was focused on developing its Oracle of Oracles (OoO) application and preparing it for use on Shibarium. It further assured the community that the Shibarium Beta launch date is “rapidly moving closer.”
David Gokhshtein Reacts
Shiba Inu community members have taken to Twitter to react to the massive rally of Shiba Inu. Reacting to the development, David Gokhshtein, a former US Congressional candidate and founder of Gokhshtein Media, said the 13th-largest cryptocurrency by market cap is moving fast.
$SHIB is moving fast. 🔥
— David Gokhshtein (@davidgokhshtein) February 4, 2023
He further asserted that Shiba Inu’s price rally usually prompts other meme-based cryptocurrencies to soar.
“When $SHIB moves, all of the other top meme tokens start moving,” Gokhshtein said.
Gokhshtein is a major Shiba Inu proponent focused on promoting the widespread adoption of SHIB. Although Shiba Inu has plunged over 84% from its all-time high (ATH), Gokhshtein still believes the second-biggest memecoin will make a huge comeback that will shock the industry.
In October, the former US Congressional candidate said Shiba Inu would go parabolic in the next bull run. Based on his widespread support for the crypto asset, Gokhshtein declared himself the unofficial leader of Shiba Inu.