Shiba Inu saw a brief price rise of over 11% yesterday as it bucked the crypto trend to post a sizeable increase to the SHIB market cap.
After reaching $0.00001116 in the early afternoon, SHIB spiked by 11.29% to reach $0.00001242 under five hours later.
Let’s see what exactly happened to SHIB.
Shiba Inu Price Spikes 11%
When SHIB’s price jumped 11%, it broke away from other cryptocurrency prices which were seeing a flatter level of action.
In the same period, Ethereum increased by 2.5% while Bitcoin increased by 1.1%. Dogecoin posted a slightly higher rise of 3.9%.
Through this 11% spike, SHIB once again broke the $7 billion market cap, rising to $7.29 billion.
However, no sooner than SHIB increased by 11%, it quickly corrected and dropped back down. Approximately 3 hours later, Shiba Inu was trading at $0.00001132.
- Read More: What Is The SHI Stablecoin?
Shiba Inu saw a slight further price increase above $0.000012 going into July 19, following the more general trends. At the time of publication, SHIB is trading at $0.00001163 - up 2.6% in 24 hours.
During this rapid price rise, the official Shiba Inu account posted a GIF in reaction to the increase.
It is still not clear what exactly was the cause of this quick Shiba ascent. There were no updates for upcoming SHIB projects such as Shibarium and the Shiba Inu Game. Meanwhile, the latest SHIB burns, including the 450 million SHIB burn are still not significant enough to fully impact the price.
Much like most other cryptocurrencies, SHIB was hit pretty hard by the massive crypto collapse that saw the Luna crypto crash, NFT market crash, and various bankruptcy filings. However, with the general crypto recovery underway, holders will hope that this 11% price rise is a sign that the bear market may be softening.