Reasons Behind Shiba Inu (SHIB) Massive Rally Today

Shiba Inu (SHIB) price rallied over 20%, with the price hitting a high of $0.00001289 on Wednesday. The catalyst for the pump is the most anticipated launch of the Shibarium Layer-2 blockchain. Moreover, South Korea‘s largest crypto exchange Upbit announcing Shiba Inu (SHIB) listing against the Korean Won (KRW) has also contributed to the rally.

Shiba Inu Breaks 20% Higher Amid Massive Demand

The Shib Inu community’s sentiment has been positive as core developer Shytoshi Kusama and the Shiba Inu ecosystem hinted at launching Shiba Inu’s Layer-2 blockchain solution soon.

The official Twitter account of Shibarium Network had already started releasing documents related to the Shibarium Beta launch. The preparations for the Shibarium launch are almost complete and the community will be notified soon about the date.

Meanwhile, South Korea’s largest crypto exchange Upbit on January 18 announced listing Shiba Inu against Korean Won (KRW). It will allow users to trade SHIB in South Korean currency. The exchange also added GAL/BTC trading pair.

Due to the change in the digital asset deposit and withdrawal method, the crypto exchange will support SHIB deposits from the ERC-20 network. SHIB’s deposits made through other networks such as BSC are not supported.

SHIB Breakout Above Descending Channel

Meme coin Shiba Inu has finally breakout above the descending channel amid the rising speculation around the Shibarium Beta launch by the Shiba Inu team in early 2023.

While the SHIB price has been trading higher since the start of the year, it has breakout above the 5-month descending channel in the daily timeframe. Thus, it indicates an upcoming rally in SHIB.

Moreover, trading volume has increased nearly 150% in the last 24 hours, which indicates an increase in interest from traders.

Meanwhile, Shibarium’s gas token BONE is trading at $1.54, up 12% in the last 24 hours. The 24-hour low and high are $1.37 and $1.55, respectively.

Also Read: Top 5 Cryptocurrencies Under $1 That May 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 a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.