The Cryptocurrency Shiba Inu (CRYPTO:SHIB) has seen a notable increase in value, rising 26% in the last week.
What happened
According to BitFinanzas, Shiba Inu has seen an impressive 26% increase in price over the last week.
SHIB price reached a high of $0.00002152 three days ago, marking a notable increase since September 25. At press time, the price stood at $0.00001856, slightly lower than the recent peak.
The rally began on September 25 when SHIB surpassed $0.000015, generating great excitement in the crypto community. A significant increase in transaction volume, reaching 621 billion SHIB in 24 hours, indicated strong investor interest.
The push appears to be linked to FOMO (Fear Of Missing Out) and the announcement of the upcoming stablecoin launch. S.H.I.. The official Shiba Inu account tweeted about big news for the fourth quarter, sparking speculation.
🚨⚡️
BIG
THINGS IS
COMING
IN
Q4
🚀
Stay connected, don’t allow doubts to distract your vision 🙌🏼🚀
— Shiba Inu (@ShibainuCoin) September 25, 2024
Lucie, a member of the Shiba Inu team, confirmed the upcoming launch of the SHI stablecoin, considered key for the network Shibarium. This announcement generated excitement and could have been a factor in the recent price rally.
Analysts like Changelly show optimism about the future of SHIB, suggesting that the current FOMO could drive the price to a 90% increase, reaching $0.000035.
You can also read: ‘Uptober’ boosts Bitcoin: the reasons behind its possible rise in October
Why is it important
The recent increase in Shiba Inu price is not an isolated event. On September 30, Shiba Inu announced a significant collaboration with open source crypto company Zama. This partnership aims to enhance the capacity of the SHIB ecosystem, primarily focusing on the layer 2 scaling solution, Shibarium.
Additionally, there was recent speculation about the price of Shiba Inu if it captured half of Bitcoin’s market capitalization. This type of speculation and strategic partnerships are fueling enthusiasm and investment in SHIB.
Photo courtesy of Pixabay
You can also read: CaixaBank shares could rise after the presentation of its new strategic plan
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