The global market capitalization is at or over $1 trillion, and as of the time of publication, the market value of meme coins has risen to or above $21.5 billion with a $1.6 million trading volume. Dogecoin, which ranks ninth and has a market cap of $12.19 billion, is the top meme coin. Shiba INU, the second-largest cryptocurrency by market cap, is growing and aiming to break into the top 10 crypto rankings.

Shiba Inu increases by 25.78% 

Shiba Inu increases by 25.78% over the past week. Shiba Inus are now the centre of attention in the cryptocurrency world, giving meme coins a fierce competition that is raising the price of the cryptocurrency. Shiba Inu coins have made a strong resurgence, forcing whales to think about including them in their portfolios. Bitcoin has rallied 37% since January 1, and No1 altcoin token Ethereum is up 35%.

Shibarium

Many people think that the buzz surrounding the eagerly anticipated Shibarium is what's causing the present rally. Scalability of the Shibarium protocol is not yet available as of February. The development of this new project is progressing, according to the chief developer of Shiba Inu, who also said that it will increase the project's chances of scalability.

Huge Drop in Supply on Exchanges

The number of tokens stored in the popular cryptocurrency exchanges' wallets is represented by the supply on exchanges. Shiba INU, on the other hand, has seen a decrease in supply, which reflects the bullish market views and a sharp increase in demand. It also shows that the token's owners are prepared to keep it for a long time by transferring it to their wallets.

SHIB the second-largest altcoin holding among Ethereum whales

The drastic surge in popularity of the Shiba Inu coin has forced whales to consider adding them to their portfolio. A noticeable bullish wave is rapidly approaching, according to an increase in whale accumulation. This will assist in pushing the price higher than necessary.

According to WhaleStats – which analyzes the holdings and activity of whales on various blockchains – the 5,000 largest Ethereum (ETH) whales on record now hold a staggering 50,905,707,716,073 SHIB worth $735,034,573.

Daily Active Addresses are increasing

Daily Active Addresses data provides the daily number of unique addresses that were active on the network as a sender or receiver.  A rise in these metrics as visible on the Shiba ecosystem which indicates a rise in the transactions that may further impact the price in a positive way.

With further impetus from initiatives such as DAO, Shiba Inu game, and NFTs, the Shiba Inu price could breach the target of $0.0000259 as per coinpedia.