Shiba Inu's price rises by nearly 7% amidst broader market optimism, signaling potential for a significant bull run ahead of Bitcoin halving.

  • Shiba Inu experienced a notable surge of almost 7%, riding the wave of a broader market rally and optimism surrounding an imminent bull run ahead of the Bitcoin halving.
  • The meme coin sector, including SHIB, is witnessing a resurgence marked by significant gains, leading to increased paper profits for investors.

Riding the Growth Momentum

The price of Shiba Inu (SHIB), a renowned meme coin, has successfully broken free from its prolonged consolidation phase over the past few weeks. Within the last 24 hours, it recorded an impressive 7% surge, pushing its market capitalization beyond the $6 billion threshold for the first time since mid-January.

This surge in SHIB's value aligns with a broader market resurgence, with Bitcoin (BTC) and Ethereum (ETH) reaching multi-year highs of approximately $56,700 and $3,200, respectively. The global cryptocurrency market capitalization now exceeds $2.2 trillion, approaching the all-time high recorded in November 2021, just $800 billion shy.

Many industry observers are optimistic that this upswing signifies not just a brief spike but the commencement of a significant bull run that could propel BTC and other digital assets to unprecedented highs. The upcoming halving in April, reducing the rate of new Bitcoin production, may enhance their value, adhering to the economic principles of supply and demand.

Historically, Bitcoin halving events have triggered price rallies that positively impact altcoins like Shiba Inu.

Considering Additional Influences

One contributing factor to SHIB's recent price hike could be the revival of the meme coin sector. Pepe Coin (PEPE), dogwifhat (WIF), Bonk Inu (BONK), among others, have all seen double-digit gains recently. Even Dogecoin (DOGE), the largest in the realm with a market cap exceeding $13 billion, is up approximately 7%.

Shiba Inu's upward momentum is accompanied by a surge in its aggregated daily volume, reaching $31.6 million, marking a 164% growth compared to the previous day, as reported by IntoTheBlock.

Presently, nearly 39% of SHIB investors find themselves with unrealized profits. This is a significant shift from September last year when almost 90% of holders were in a loss position.

Recent reports from CryptoPotato highlight a noteworthy increase of over 15% in the daily active addresses of Shiba Inu.