The meme-inspired cryptocurrency Shiba Inu ($SHIB) has recently started charting an impressive rally that has seen its price outperform that of most other major digital assets, and lifted over a trillion of its tokens out of the red and back into profitability.
According to available cryptocurrency market data, the price of the meme-inspired cryptocurrency jumped around 10% over the last few days, while the flagship cryptocurrency BTC rose 2.7% over the same period and Ethereum’s ETH lost 0.6% of its value.
With the price of SHIB continuing to climb, recent data indicates a significant turning point for those holding the coin. Over a trillion SHIB tokens have now moved from losses to profits, underlining the scope and impact of the ongoing rally. I
In just the past week, the surge has amounted to a remarkable 12.4%, pushing an astounding 18.58 trillion SHIB tokens into profitability. This shift represents a substantial 40.9% of all circulating Shiba Inu tokens now deemed “in the money” by on-chain analytics firm IntoTheBlock.
The ripple effects of this upswing and the sheer number of tokens crossing their break-even point have stirred considerable interest and intrigue within the cryptocurrency community. Observers are keen to unearth the factors propelling SHIB’s recent success and speculate on whether this upward trend can be sustained.
The digital token’s ability to weather the storm of recent regulatory challenges testifies to the growing confidence and potential surrounding this meme coin. Despite the volatile nature of the market, the crypto has amassed a dedicated community of supporters who are bullish about its long-term prospects and attempt to support it through token burns and its own layer-2 network, Shibarium.
As reported, the native test network of Shiba Inu’s layer-2 Shibarium, fondly called Puppynet, has recorded an impressive tally of over 20 million transactions, emanating from an estimated 16 million wallets. This notable achievement signals the network’s steady march towards a broader release slated for the forthcoming months.
Shibarium represents a milestone for the Shiba Inu ecosystem, whose token is currently running on the Ethereum network which, despite being a highly safe and decentralized blockchain, has drawbacks when it comes to scalability and transaction throughput.
As CryptoGlobe reported, recent analysis from Santiment has suggested that several major altcoins, including $XRP, Cardano’s $ADA, and the meme-inspired cryptocurrency Shiba Inu are potentially undervalued, which would signal an opportunity for a recovery over the summer.
Featured image via Unsplash.
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