Shiba Inu Has Spiked Sharply On Heavy Volume — Here's What's Going On

Meme cryptocurrency Shiba Inu SHIB/USD rose sharply during trading on Saturday morning.

What Happened: At the time of writing, the Dogecoin DOGE/USD sibling traded up 2.73% at $0.000011, according to Benzinga Pro data. This marked a pullback from the $0.00001108 level it had traded around 8:55 a.m. EDT.

The uptick was also accompanied by a spike in volume, which jumped 33.93% over the past 24 hours to $216.26 million. Market cap rose 2.85% to $6.49 billion.

Shiba closed Friday’s session at $0.00001085.

Shiba's sharp spike is eye-catching, especially since other major cryptocurrencies are seeing muted trading. At the time of writing, Bitcoin BTC/USD, the apex crypto, was edging up 0.11% to $29,428.49 and Dogecoin was flat at $0.07655.

See Also: Is Shiba Inu (SHIB) A Good Investment

Why It’s Important: Cryptocurrencies have turned the corner this year, as the risk appetite for them has perked up following a dismal 2022.  Recent bank runs have proved a blessing in disguise for digital currencies, as decentralized coins are seen as viable alternatives to fiat money amid troubling times.

Shiba Inu is expected to receive support from the development of Shibarium, a blockchain platform that will likely serve as a decentralized platform for trading Shiba and other coins belonging to the Shiba ecosystem.

Read Next: An Analyst Has Predicted A Huge Upside For Dogecoin — Here's Why

Image: Shutterstock

Posted In: CryptocurrencyNewsMarketsTrading IdeasShibShiba Inu