In a surprising turn of events that captured the attention of the market, the cryptocurrency Shiba Inu (SHIB) experienced a noteworthy increase in price, rising by 5% in the past 24 hours. During the early hours of the morning, the price of SHIB reached $0.00002383.
The sudden growth came as a surprise to the community, especially considering the recent declines observed in memecoins. Shiba Inu had experienced a 6% drop last week and a 5.1% decrease over the past 30 days. However, the rise in SHIB’s price in the last day has sparked hope within the community that today could mark the beginning of a potential recovery and upward rally for the second largest memecoin in the market.
This recent surge can be attributed to the integration of Shiba Inu into the Polygon (MATIC) and Binance Smart Chain networks by CoinGate. CoinGate acts as a cryptocurrency payment gateway, serving as an intermediary between digital currencies and traditional companies. With the integration of the SHIB token into these networks, CoinGate aims to enhance accessibility and create opportunities for Shiba Inu holders to engage in real-world transactions.
As of the time of publication, the price of Shiba Inu was quoted at $0.00002326, reflecting a 3.1% increase in the past 24 hours. During this period, the cryptocurrency recorded a trading volume of $395,134,082.
Additionally, the Shiba Inu team has generated excitement within its community by announcing an exclusive event. This event, which took place on May 9, involved a virtual meeting where the enigmatic manager of the Shib Token X account, followed by over 3.8 million enthusiasts, shared previously undisclosed details about the origins of Shiba Inu and its mysterious founder, Ryoshi. The event, held as a Q&A session on Space X (formerly known as Twitter), provided Shiba Inu fans with a rare opportunity to gain direct insights into the coin’s beginnings and evolution. This direct dialogue between the development team and the community signifies a significant step towards fostering transparency and cooperation.
Disclaimer: The opinions expressed in this article, including those of the author and any individuals mentioned, are solely for informational purposes and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Memecoins exhibit notable recovery; MAGA (TRUMP) gains momentum. Analyst identifies Memecoins with potential appreciation leading up to the US elections.
