Shiba Inu Rally Accelerates Over The Weekend As The Meme Crypto Goes Vertical: What's Going On

Shiba Inu SHIB/USD is seeing an extended upward momentum this weekend, with the dog-themed crypto taking a sharp leg up since early Saturday.

What Happened: SHIB as well as its sister token Bone Shiba Swap BONE/USD were among the biggest gainers on Saturday, with the former advancing close to 13%.

The Shiba Inu broke out of a consolidation phase Friday afternoon and has experienced a steep rally since then. Over the past 24 hours, the crypto has gained about 20% and the BONE has outperformed with a nearly 23% rally.

Over the past 24 hours, SHIB has gained about 13% and traded around the psychological resistance of $0.00001, marking a four-month high.

At last check, SHIB traded at $0.00000986, up 12.30% according to Benzinga Pro data.  The 24-hour volume rose 236% to $683 million and market-cap increased 12.3% to $5.81 billion.

See Also: How To Buy Shiba Inu (SHIB) on Robinhood

Why It's Important: The Shiba rally has come despite the risk-off mood seen in the rest of the financial market. This week, Fitch's downgrade of the U.S. sovereign rating sapped risk appetite in the stock market, with tech stocks being hit the worst.

Sentiment toward the crypto has improved in recent sessions ahead of the launch of Shiba Inu's blockchain project Shibarium. Developers see Shibarium as providing an alternative to Ethereum ETH/USD blockchain. It is expected to be more energy-efficient and faster, while also reducing the total supply via burns.

Read Next: Shiba Inu Unveils Security Enhancement With Decentralized Identity Verification

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock