Investor interest in Shiba Inu (SHIB) soars, resulting in a high ranking on CoinMarketCap, the most-referenced crypto price-tracking platform.
SHIB Knight, a popular member of the Shiba Inu community, recently highlighted that SHIB is among the top four trending assets on CoinMarketCap (CMC), one of the most highly-referenced price-tracking resources in the crypto scene.
— $SHIB KNIGHT (@army_shiba) July 4, 2023
Notably, Shiba Inu towers over all other assets on the trending list in the last 30 days, only behind STMX, Bitcoin (BTC), and Terra Classic (LUNC).
SHIB Knight attached a snapshot of CoinMarketCap’s top crypto ranking in the past 30 days. At the time of the snapshot, SHIB’s price recorded an increase of over 1% in the last seven days, similar to the price action of Bitcoin (BTC).
Shibarium Sparks Interest in Shiba Inu
Reacting to the development, a particular community member attributed the rising popularity of SHIB to the anticipated launch of the Shiba Inu layer-2 scaling solution, Shibarium.
Recall that Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, disclosed in May that the launch of Shibarium is closer than expected. Early this month, Kusama revealed the launch strategy for Shibarium, hinting at a new launch date.
Notably, SHIB’s recent feat on CMC comes shortly after a large whale amassed billions of the asset. As reported by The Crypto Basic, the twentieth-biggest SHIB whale added over $1.22 million worth of Shiba Inu in a single transaction to their SHIB holdings.
Moreover, the number of daily addresses on the Shiba Inu network skyrocketed remarkably in the second quarter of the year, as revealed by IntoTheBlock.
These metrics reveal a particular increase in interest among investors amid a rapid rise in social volume and the buzz surrounding the imminent launch of Shibarium.
Meanwhile, SHIB is changing hands at $0.00000777, up 2% in the last seven days but down 10.06% in the last 30 days. Shiba Inu aims to reclaim the $0.000008 price territory for the short term with an ultimate goal of recapturing $0.00001.