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- Shibarium’s activity surged by 40% on February 16, removing another zero from the SHIB price.
- This surge was catalyzed by a sudden spike in new BONE transfers.
- The SHIB token currently sits in spot 17 concerning market cap.
In a significant update for the Shiba Inu community, Shibarium’s activity surged by 40% on February 16, sending the price of the most popular meme coin, Shiba Inu, to $0.00001.
According to Shibariumscan, new BONE transfers on Shibarium increased from 415 on February 13 to over 47,714 on February 15. As a result, the meme token is now comfortably above the $0.0000098 level, as per CoinMarketCap on Monday.
Notably, in January, the cryptocurrency market faced increased volatility, with many assets struggling. However, the tide has turned in the last few days, significantly benefiting the meme token.
Mid-February witnessed a 40% increase in Shibarium network activity for Shiba Inu, contributing to the ongoing SHIB rally that saw another zero removed from its price. This surge is mainly attributed to new BONE transactions on the network.
Thanks to this significant growth, the SHIB token now holds spot 17 in market capitalization, with a current market cap of $5.77 billion.
While BONE experienced a 20% increase and an accumulation phase in early February, the market has been puzzled by the token’s behavior and Shiba Inu’s network activity since then.
Interestingly, this surge coincides with the Shiba Inu team’s unveiling of a new initiative. It announced plans to burn SHIB tokens using a portion of SHEBoshi revenues, the latest iteration of the team’s NFT venture introduced for Valentine’s Day to offer companionship to existing Shiboshi NFTs.
The growth can also be connected to the prevailing market sentiment. Bitcoin (BTC) recently surpassed the $52,000 level, reaching a two-year high. This achievement has positively impacted multiple altcoins in the market, helping the crypto market regain a $1 trillion market cap.
Anticipation is high for increased altcoin dominance, especially with the upcoming Bitcoin Halving, which is expected to drive tokens like SHIB further upward.
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