Shiba Inu soars 37% as it regains $10bn market cap over the weekend

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Shiba Inu Price Up
Credit: Pixabay

SHIB holders celebrated over the weekend as they saw the Shiba Inu price surge by over 35% as it reached its highest price since May 2022.

With Shiba Eternity now live in testing, while rumours grow about the Shibarium L2 launching in beta potentially this month, excitement is growing around the latest Shiba Inu news and products.

Here’s a look at the latest on SHIB’s price recovery.

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Shiba Inu Surge

Starting on Saturday at $0.00001264, SHIB jumped to a high of $0.00001732 in the early hours of Monday. With this, it reached a market cap of around $10.25 billion.

The latest price is the highest SHIB has reached since the Luna crypto crash sent it and most cryptocurrencies tumbling. The crypto recovery has kickstarted since then, with the Ethereum merge being a focus, especially for SHIB, an ERC-20 token.

However, this weekend spike saw SHIB once again buck the wider cryptocurrency trends. It is now up 30% in the last week - the highest price rise in the top 20 cryptocurrencies. Bitcoin, Ethereum and Dogecoin, are up 4%, 12% and 11% in the same period, respectively.

SHIB has since fallen slightly since reaching the $0.000017 mark, and now sits at $0.00001572. With its current market cap of $9.2 billion, it is the 12th largest cryptocurrency, only $900 million behind Dogecoin. A week ago, that gap was over $2 billion.

Even with this huge surge over the weekend, SHIB is still some 81% down from its all-time high of $0.00008616 reached at the end of October 2021.

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SHIB’s price rise comes after its sister tokens - BONE and LEASH - posted massive gains in the past few weeks. BONE hit the $1 mark once again, and has doubled in price in the last month. LEASH is up 15% in the last week. Both tokens have reported losses in the past 24 hours, however.

Holders see this SHIB price action as the culmination of several projects on the Shiba Inu roadmap seemingly gearing up to launch. These include the game, and Shibarium, alongside other projects coming later, such as the Shiba Metaverse and SHI stablecoin.

There’s no knowing for sure where SHIB will go next, but for now, holders are content with celebrating the gains.