Shiba Inu’s (SHIB) price has jumped over 7% in the past 24 hours as demand for the world’s second-largest meme coin ramps up.
Transactions on Shibarium, Shiba Inu’s layer-2 scaling solution, have rocketed in December as more crypto enthusiasts try out the network, helping boost interest in SHIB.
With meme coins back in the spotlight, the new project Meme Kombat (MK) is also making waves with impressive presale numbers that could position it as a token to watch in the year’s final weeks.
Shiba Inu Pumps 22% as Trading Volumes Soar
Shiba Inu has been on a tear recently, jumping over 22% since November 21 to reach current levels around $0.0000093.
This latest pump comes after a sharp pullback following SHIB’s rejection of the $0.0000096 resistance level.
However, SHIB appears to be gaining momentum again, fueled by renewed interest and hype surrounding the broader crypto market.
SHIB’s technical indicators also seem to signal an emerging uptrend, with price using the 200-day exponential moving average (EMA) as a dynamic support level over the weekend.
Additionally, trading volumes for SHIB have exploded recently, exceeding $540 million in the last 24 hours – a 323% increase from the previous day.
This surge in volume hints at an increase in interest around SHIB as traders pile back into the meme coin market.
With SHIB’s rally showing no signs of slowing and technicals flipping bullish, the token could have further room to run in the coming days.
Shibarium Transactions Surge to New Highs, Fueling Shiba Inu Price Growth
The recent resurgence in Shiba Inu’s price also appears correlated with a massive uptick in activity on the layer-2 scaling solution, Shibarium.
After weeks of minimal usage, Shibarium has seen an explosion in transactions over the past few days.
In the first three days of December, the network processed over 20 million transactions – including a single-day record of 7.8 million transactions on December 3.
This is a considerable increase compared to the tens of thousands of daily transactions Shibarium previously handled.
The surge in activity signals the growing adoption of Shibarium, which offers faster and cheaper transactions for SHIB and other supported tokens.
Renewed interest in using Shibarium for transactions and payments is likely boosting demand for SHIB, helping price rally over the weekend.
If the platform continues seeing exponential growth in transaction volumes, it could provide a catalyst for Shiba Inu’s price to keep rising.
Emerging Crypto Gaming Token Meme Kombat Rides Hype Wave & Raises $2.4m
As Shiba Inu gains ground, an emerging project called Meme Kombat (MK) is also turning heads and could be poised for a breakout.
Meme Kombat is a blockchain-based gaming platform that brings popular meme coins to life through automated, on-chain battles.
Gamers can use the native MK token to wager on fight outcomes or stake it to earn yields of 361% per year.
Despite still being in its presale stage, Meme Kombat has already raised over $2.4 million from excited investors.
The MK token is on offer for $0.225 during the current presale stage, although the price will increase in the following stage, which begins in three days.
Looking ahead, Meme Kombat’s team, led by founder Matt Whiteman, has set a clear roadmap to build its gaming ecosystem.
The roadmap contains plans for new seasons, featuring additional meme coin characters and game modes, along with listings for MK on decentralized exchanges like Uniswap.
According to Meme Kombat’s whitepaper, 10% of the total MK supply has been set aside to provide exchange liquidity, which will streamline transactions and reduce slippage.
As activity explodes on Shibarium, innovative projects like Meme Kombat show the continued popularity of meme coins – priming MK for a fruitful end to 2023.
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