SHIB's Performance Defies Crypto Market; Indicators Suggest Continued Price Rally

Shiba Inu, the dog-themed altcoin officially launched three years ago, is celebrating its anniversary with a bang, and it seems that its price rally on Aug. 5 was not a one-off event but may continue, based on several indicators.

Once regarded as a meme coin, Shiba Inu is slowly departing from that status by introducing more utilities, use cases and initiatives to embody "the true spirit of decentralization."

SHIB surprised investors when its performance went against the trend of the broader crypto market, which was printing red indices at the time.

Shiba Inu saw a massive 20% boost in its price over the weekend after it broke out of a consolidation phase on Aug. 4.

It continued its uptrend and traded around the psychological resistance of $0.00001, highlighting a four-month high price.

The surge showed an increase of over 51% in the price of SHIB in less than four weeks, while its trading volume hit a new six-month high, based on data from market intelligence firm Santiment.

Shiba Inu's impressive stats highlighted that the dog-themed altcoin was among the best performer among major crypto assets based on market capitalization, with its double-digit gain worth nothing considering that the broader market is stagnating.

The sudden uptrend in Shiba Inu's value also triggered an interesting spike in the number of transactions worth $100,000 and higher. Data from blockchain analytics platform IntoTheBlock revealed that these transactions saw a $91 million growth equivalent to a 600% increase and pitched in the spike in the 8.71 trillion SHIB tokens exchanged and skyrocketed its total daily transactions to 10.44 trillion.

And while critics dismissed the price pump, it looks like the price rally will continue since data showed that the trading volume largely supports the uptrend and SHIB holders chose to maintain their diamond hands as they were not moving their SHIB to exchange platforms to sell.

"And a few indicators support the rally continuing," Santiment noted, before adding, "Trading volume is supporting the pump in a big way, & it doesn't look like there are many #hodlers moving their $SHIB to exchanges to sell."

Last week, the Shiba Ecosystem, headed by its pseudonymous lead developer Shytoshi Kusama, revealed its plan to integrate Self-Sovereign Identity (SSI) on all the apps in its platform and noted that it would be an integral part of Shibarium, the highly anticipated Layer-2 scalability solution expected to officially roll out sometime this month.

Binance also added utility to Shiba Inu when it announced that holders can use the token as collateral in the flexible Loan product the world's largest crypto exchange platform is offering.

As of 12:28 p.m. ET on Sunday, SHIB was trading at $0.000009316, with a 24-hour trading volume down by 23.10% at $$552.3 million, representing a 6.07% decrease in the last 24 hours and 10.47% gain over the past seven days.

Based on the latest data from CoinMarketCap, SHIB's total circulating supply stands at 589.35 trillion SHIB, with its value down by 7.12% at a $5.49 billion market cap