Shiba Inu’s market cap surges by $610 million in just one month, reaching an impressive $4.44 billion following anticipation for the upcoming Shibarium.
The popular sensational cryptocurrency Shiba Inu (SHIB) has experienced a remarkable surge in value, gaining an astounding $610 million in investment over just one month.
Shiba Inu Gains $610M in a Month
At the time of reporting, Shiba Inu’s market cap stands at an impressive $4.44 billion, indicating an extraordinary growth trajectory compared to its value on June 14.
According to data from the prominent crypto market tracker, CoinMarketCap, on June 14, Shiba Inu held the 18th position among the top cryptocurrencies by market cap, with a total value of $3.83 billion.
This shows that SHIB’s market cap is up $610 million in a month’s time.
At that time, each SHIB token was priced at $0.00000667, with a significant 22.53% crash over seven days. Shiba Inu regained momentum following the decline and initiated an outstanding bullish rally.
Currently, Shiba Inu trades at $0.000007529, reflecting a meager 1.03% decrease in value over the past seven days. Furthermore, crypto traders bought and sold $75.15 million worth of Shiba Inu in the past 24 hours, marking a notable 14.68% increase from what was obtainable the previous day.
SHIB Rises as Shibarium Launch Draws Near
Shiba Inu’s extraordinary rise can be attributed to several factors, including its active and dedicated community, strategic partnerships, upcoming development, and the overall growing interest in the broader crypto space.
Specifically, after multiple teasers, the pseudonymous developer Shytoshi Kusama revealed that Shibarium will be unveiled at a conference in August.
Subsequent days of the announcement were followed by increased whale activity around Shiba Inu and new address creation, as The Crypto Basic reported. The report revealed that more than 13 Shiba Inu whales moved over $1 million earlier this month.