Why is the price of Shiba Inu so high?

The main developer of the meme currency, Shytoshi Kusamarecently hinted that Shibarium would launch on Valentine’s Day, February 14, and now he has sent out an enigmatic update saying “make some popcorn“. The Shiba Inu community is eagerly awaiting to see what Kusama and her team have prepared for them.

The Shiba Inu price spike

According to data from Coingecko, SHIB’s trading volume has jumped nearly 70% in the past 24 hours, and it is currently trading at $0.00001161. The data shows that the price of the Shiba Inu coin has jumped nearly 51% in the last 30 days.

Shiba Inu has a total market value of $6,374,803,774 with a high average daily volume of $1,830,067,721.59 of currency traded over a typical 24-hour period. Over the past 24 hours, SHIB’s volume is below its average with $320,895,519.74 exchanged in total.

How far can this meme currency go?

SHIB has outperformed several other leading crypto-currencies so far this year. Even “blue-chip” crypto-currencies like Bitcoin and Ethereum are lagging behind. Shiba Inu’s strong start this year could lead to massive returns. But no, SHIB won’t reach $1 in 2023. However, it is possible that the meme currency will hit new highs, as the aforementioned Shibarium launch will certainly play its part.