- Shiba Inu (SHIB) has pumped by over 70% since the beginning of 2023.
- SHIB’s rally leaves supporters in excitement having waited patiently for price to recover.
- The promise of a Layer 2 protocol contributes to promote Shiba Inu’s recent volatility.
Shiba Inu’s recovery from a recent low has triggered excitement among its community. A 70% surge in less than three weeks has moved the flagship meme coin up to the 13th position in the global ranking of cryptocurrencies by market capitalization. From their response, many Shiba Inu users appear to have been waiting for a move like this to develop.
One supporter identified on Twitter as David Gokhshtein tweeted in relief, “SHIB finally moving.” Several responders resonated with his expression, with some attempting to explain the reason behind the surge.
The promise of a Layer 2 protocol by Shiba Inu’s team is one of the reasons assumed to be behind the recent hype. Although there is no launch date yet, the project’s team has said that a beta version will be out soon. According to the team, the proposed protocol will be a network built on Ethereum. It will be similar to Polygon, Optimism, and Arbitrum.
SHIB jumped to $0.00009 after launch and retested the region after six weeks. It then crashed with the rest of the crypto market during the bear market crunch. The price fell as low as $0.00000779 just before the end of 2022.
The market refreshed in the new year, coinciding with the Layer 2 hype mentioned above. This time a new meme coin, BONK, was launched on the Solana blockchain. BONK’s rise was similar to Shiba Inu’s early days. Being a meme coin, some Shiba Inu supporters assumed it could be another season for the meme coin family. This increased their anxiety, as expressed by one of Gokhshtein’s responders.
Several cryptos have surged this year. Bitcoin has returned above $20,000, while Ethereum’s price is over $1,500. The market has resumed its characteristic volatility, and many users suspect the bearish trend has elapsed.
Events of the coming weeks will provide more exposure to the entire market. Some analysts have predicted another dip before a bottom will be established. For now, SHIB holders are raving at the moment and enjoying the volatility while it lasts.
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