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The price of Shiba Inu (SHIB) has finally managed to break free from the consolidation levels it has been observing for the past few weeks. SHIB has risen by nearly 7% in the last 24 hours, with its market value exceeding the $6 billion mark for the first time since mid-January. The continuation of this rise could provide significant momentum to the meme coin sector.
SHIB’s Rise Coincides with Market Recovery
The rise of SHIB coincides with a general market recovery, as Bitcoin prices surpass $56,700 and Ethereum reaches around $3,200, hitting the highest levels of the year. The global cryptocurrency market’s value is currently over $2.2 trillion, which is about $800 billion away from the ATH levels recorded in November 2021.
Many industry participants believe this is not just a short-term surge but could be the beginning of a major bull run that may take Bitcoin and other crypto assets to unprecedented peaks. The Bitcoin halving event expected in April supports this thesis.
By reducing the rate at which new Bitcoins are produced and following the economic fundamentals of supply and demand, Bitcoin could potentially become more valuable. Historically, a Bitcoin price rally, positively affecting altcoin projects like Shiba Inu, has followed this event.
SHIB and the Meme Coin Culture
Another factor that could ignite SHIB’s recent price increase is the resurgence of the meme coin sector. While projects like Pepe Coin, dogwifhat, Bonk Inu are making double-digit daily gains, Dogecoin, the largest in this space with a market value exceeding $13 billion, saw a 7% increase.
Shiba Inu’s rise coincides with an increase in SHIB’s total daily volume. According to notable data in the SHIB space, this figure is currently at $31.6 million, a 164% growth compared to February 27.
Currently, about 39% of SHIB investors are sitting on unrealized profits. In contrast, nearly 90% of holders were underwater in September last year. Recently, Shiba Inu’s daily active addresses have also been on the rise, increasing by more than 15% yesterday.
