- SHIB trading volume increased 241% in the last 24 hours.
- SHIB’s social mentions have skyrocketed.
Shiba Inu (SHIB) entered the top 10 cryptocurrencies by market capitalization after rallying more than 50% in the past 24 hours. The popular dog-themed token is up nearly 300% this week amid a wild bull cycle sweeping the broader memecoin market, according to CoinMarketCap.
Merchants are busy making profits
More than $13 billion in SHIB transactions took place in 24 hours, a 241% increase over the previous day.
The lure of higher returns was attracting hordes of profit-hungry traders. As of this writing, SHIB holders have earned an average of more than 90% unrealized profits on their investment, according to AMBCrypto’s analysis of Santiment data.
Interestingly, these levels were last seen in October 2021, at the peak of the last bull market.
Source: Santiment
Shiba Inu makes an important announcement
In addition to the broader market rally, events related to its own ecosystem may have contributed to SHIB’s surge over the past 24 hours.
In particular, Shiba Inu attracted the attention of the community by announcing the release of version 1.1 of its ambitious venture, Shib Name Service (SNS), through an X post.
SNS, which was released last year, is a naming service that allows you to create a human-readable address in your Sybarium wallet. It allows users to send tokens to friends and contacts using their unique Shib names rather than long and confusing wallet addresses.
SNS has been heralded as the first step toward building “Shibdentity,” a framework that allows users to own and control their digital identities.
Regarding the latest update, Shiba Inu informed the community that token transfers for existing names will be discontinued and new *Shib names will be airdropped within the next 24 hours.
Read SHIB’s 2024-25 Price Forecast
SHIB’s social buzz rises
These exciting developments, along with rapid price increases, have fueled social media activity for memecoin. The number of mentions of SHIB in top cryptocurrency-connected social media groups spiked significantly on March 4th.
Moreover, SHIB’s weighted sentiment rose higher in positive territory, indicating optimistic expectations for the future.
Source: Santiment