Shiba Inu is back on a bullish trajectory as traders appear to be actively participating in the leading meme token following recent developments.
As the meme token continues to advance and expand its presence across the crypto ecosystem, it has recently launched on the Solana blockchain, driving a rapid surge in its trading activity per data from CoinMarketCap.
Shiba Inu volume spikes 171%
While Shiba Inu has seen its onchain activity slow modestly in recent days, its launch on Solana on October 4 has driven a sharp surge in trading activity.
Barely 24 hours after its expansion into the Solana ecosystem, data from CoinMarketCap shows that Shiba Inu's trading volume has surged to over $95,890,000.
This marks an increase of 171.8% over the last 24 hours amid rising interest from investors. This surge in activity has also fuelled bullish momentum for SHIB as its price has also shown a substantial increase over the same period.
Following the spike in market activity, Shiba Inu is now trading at around $0.000005959, a notable increase of 4.36% over the past 24 hours.
Shiba Inu now live on Solana
It is important to note that the sharp increase in Shiba Inu volume came shortly after the asset expanded its presence to Solana.
With this move, users within the Solana network now have the opportunity to seamlessly trade and interact with the popular meme coin.
While this typically drives further adoption for Shiba Inu, market participants believe the move will help push the Shiba Inu onchain holder count to reach 1.7 million faster.
Arman Shirinyan
Dan Burgin
