This is why the Shiba Inu price is rising by 10 percent

While the crypto market is still struggling to show a recovery, the Shiba Inu price is up almost 10 percent today. But what is the reason for this sudden price increase?

Shiba Inu price shoots up

Shiba Inu is the second largest memecoin in the crypto market. The coin has a market capitalization of $7.8 billion and is the seventh largest cryptocurrency in the world. The price of 1 SHIB token at the time of writing is around $0.00001413, which is about 7.5 percent higher than a day ago.

For a moment, the price of the Shiba coin even soared to a high of $0.00001480, which would mean a daily gain of more than 10 percent. The question crypto investors are now asking themselves is: What is behind the sudden price increase of Shiba Inu?

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