Shiba Inu experienced an impressive 18% increase in its price within a single day. This surge underscores the powerful role that community support and social media sentiment play in influencing the prices of memecoins such as Shiba Inu.
This price hike came on the back of a broader rise in Bitcoin's value, illustrating how movements in major cryptocurrencies often drive the market activities of smaller altcoins.
The question remains whether such rallies can sustain or if they are just temporary spikes driven by social media hype and broader market trends.
