Why is Shiba Inu (SHIB) Meme Coin Price Pumping? These Shibarium Stats Played a Role

Meme coin frenzy is again with us this weekend, and Shiba Inu is leading the charge. SHIB has surged 18% over the past 24 hours, outperforming even Dogecoin, the king of meme coins, which is up around 5% during the same period.

While SHIB’s gains are definitely notable, some other meme coins have seen even more rises, with BONK and PEPE both pumping over 20%. This meme coin mania seems to have gripped the crypto market out of nowhere, causing price pumps across the board for these humorous, culture-inspired digital assets.

Source: CoinMarketCap/Memes

The Bitcoin halving is now in the rearview mirror, and it appears the crypto market is experiencing its first post-halving run. An encouraging sign for meme coin enthusiasts is that these highly speculative assets are spearheading the current rally.

SHIB’s Rise Above the Descending Channel

Taking a look at the SHIB/USDT chart, we can see that Shiba Inu’s price action has been particularly interesting. With today’s impressive pump, SHIB has managed to break out of the descending channel where it had been rangebound trading since early March (blue lines on the chart below).

This descending channel had kept SHIB’s price suppressed for over a month following the meme coin frenzy of late February and early March. During that prior run up, SHIB exploded over 300% to reach yearly highs of around $0.000044.

Source: TradingView, SHIB/TetherUS chart

By breaking out of the channel to the upside, SHIB has now entered “price discovery” mode. This means the meme coin could potentially revisit and even surpass those early March highs in the near future if the buying momentum continues. At the current price of around $0.000027, SHIB would need to rally another 63% to hit its 2024 peak.

The Role of Shibarium

One potential catalyst for SHIB’s weekend price pump could be the recent growth seen on Shibarium, the Shiba Inu ecosystem’s layer-2 network. Key Shibarium metrics have been on the rise throughout April so far.

On April 14th, Shibarium hit a new milestone by exceeding 25,000 active accounts – a record high for the Shiba Inu layer-2 solution. The previous day, April 13th, saw over 13,000 new accounts created on Shibarium.

Transaction activity has also been booming, with nearly 1 million new transactions taking place on April 15th alone. As Shibarium continues to gain traction, it could be driving increased interest and demand for SHIB, the ecosystem’s native asset and designated gas token.

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Whether this weekend’s meme coin pumping is a fleeting trend or the start of a larger revival remains to be seen. However, Shiba Inu’s strong performance and the growth of its Shibarium ecosystem suggest that this memecoin still has a dedicated community behind it.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!