In a remarkable move, Shiba Inu (SHIB) has embarked on a relentless surge since July’s onset, captivating the attention of the meme coin crypto community.
Notably, SHIB gained around 30% over the past month, doubling the gains in the world’s largest meme cryptocurrency Dogecoin (DOGE), which soared by 16% during that period.
Although there is a mix of factors that have likely contributed to Shiba Inu’s rally, the growing developer activity on the blockchain network has made a particularly positive impact.
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According to Kaiko, SHIB rose more than 25% “since July 1st following a wave of developer activity on the network,” the digital asset data provider said on August 9.
Shibarium upgrade, a potential SHIB price catalyst
The uptick in developer activity on the Shiba Inu network comes ahead of the launch of Shibarium – one of the most important undertakings in the meme crypto’s ecosystem.
The long-awaited Shibarium upgrade is expected to bring a variety of new benefits for Shiba Inu, including faster and cheaper transactions, improved scalability, and enhanced network security.
Overall, the event is set to make Shiba Inu a more viable cryptocurrency for a wider range of use cases. As a result, this could lead to increased demand for SHIB and a potential fresh price breakout.
SHIB price analysis
At the time of writing, the price of SHIB was trading at $0.000009754, down 1.2% over the past 24 hours.
Over the past week, the crypto asset rose more than 18% and over 29% on the monthly chart, adding around $1.3 billion in market cap during that period.
In the meantime, the latest insights retrieved from the analytics platform IntoTheBlock displayed a strong positive correlation coefficient of 0.74 over 60 days between SHIB and DOGE.
This development, pointed out by prominent crypto expert Ali Martinez, indicates a notable trend that could potentially impact the market dynamics for cryptocurrencies.
In particular, the correlation coefficient of 0.74 signals a noteworthy linkage between the price movements of SHIB and DOGE, implying that when SHIB sustains price fluctuations, DOGE tends to respond in kind, aligning their trajectories.
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