Shiba Inu's price soared almost 40% on Sunday, hitting $0.00000582 and boosting its market cap by around $1 billion in just 24 hours. The cryptocurrency now ranks as the 25th largest by market capitalization, standing at $3.12 billion.
Interestingly, this sharp price increase came without any major announcements or project developments, catching many in the crypto space off guard as most other assets remained flat or declined. Shiba Inu's 24-hour trading volume exploded by 1,245%, reaching $717 million, as traders jumped in to capitalize on the volatility.
The momentum did not go unnoticed by the SHIB community. Kuro, a notable member from Japan, expressed optimism on social media, emphasizing that Shiba Inu is regaining its position among top cryptocurrencies and predicting further gains. He pointed out that SHIB's breakout above the daily 50-day moving average, a resistance level since mid-May, provided a solid foundation for the recent rally.
Despite the price surge, activity on Shibarium, the SHIB layer-2 blockchain, remained muted, though transaction counts increased by 152%. The exact catalyst behind this sudden rally remains unclear, as no new developments have been announced recently.
