SHIB price climbs 20% as Shibarium launch nears

Popular dog-themed meme coin Shiba Inu has seen its value rise by 20% to become one of the best-performing coins of the weekend.

Over the weekend, Bitcoin, Ethereum, and XRP lost 0.6%, 0.4%, and 6.9% of their values, respectively. However, Dogecoin has enjoyed a 1% gain in the last day. 

Following the release, Shiba Inu’s on-chain measures, such as social dominance and trading volume, increased, indicating the meme coin’s growing adoption among market players. Santiment data indicates that Shiba Inu’s social dominance has reached a multi-month high of 2.914%.

Shibarium’s developers believe the L2 blockchain will offer an alternative to Ethereum and expect it to increase SHIB adoption and value.

Additionally, analysts believe many bearish traders have been displaced from the SHIB market due to its sustained price decline before the weekend gains. With the selling pressure eased, the market opened up for more bullish traders, resulting in the weekend price jump.

As the SHIB price increased, so did its burn rate. According to Shibburn, a social media platform that keeps tabs on the amount of SHIB shifted to dead wallets, the meme coin’s burn rate increased by 21.8% over the weekend.