The price of Shiba Inu (SHIB) rose more than 20%, reaching a high of $0.00001289 on Wednesday. The catalyst for the pump is the highly anticipated launch of the Shibarium Layer-2 blockchain. In addition, South Korea’s largest crypto exchange Upbit, which announced the listing of Shiba Inu (SHIB) against the Korean Won (KRW), also contributed to the rally.
Shiba Inu Breaks 20% Higher Amid Huge Demand
Sentiment from the Shib Inu community was positive as core developer Shytoshi Kusama and the Shiba Inu ecosystem hinted at the launch of Shiba Inu’s Layer-2 blockchain solution.
The official Shibarium Network Twitter account had already started releasing documents related to the launch of Shibarium Beta. Preparations for the launch of Shibarium are almost complete and the community will be notified of the date shortly.
Meanwhile, South Korea’s largest crypto exchange, Upbit, announced on Jan. 18 that it would be taking on Shiba Inu against Korean Won (KRW). It allows users to trade SHIB in South Korean currency. The exchange also added the GAL/BTC trading pair.
Due to the change in the method of depositing and withdrawing digital assets, the crypto exchange supports SHIB deposits from the ERC-20 network. Deposits from SHIB through other networks such as BSC are not supported.
SHIB Breakout above descending channel
Meme coin Shiba Inu has finally broken out above the declining channel amid rising speculation surrounding the Shibarium Beta launch by the Shiba Inu team in early 2023.
While SHIB price has been trading higher since the start of the year, it has a breakout above the 5-month descending channel in the daily time frame. Thus, it indicates an upcoming rally in SHIB.
In addition, the trading volume has increased by almost 150% in the past 24 hours, indicating increasing interest from traders.
Shiba Inu (SHIB) Price in daily time frame
Meanwhile, Shibarium’s gas token BONE is trading at $1.54, up 12% over the past 24 hours. The 24-hour low and high are $1.37 and $1.55 respectively.
Also Read: Top 5 Cryptocurrencies Under $1 That Could Explode In January 2023
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Reasons behind Shiba Inu (SHIB) massive rally today
was published first on https://coingape.com/reasons-behind-shiba-inu-shib-massive-rally-today/