SHIB is the best-performing crypto on the week, rocketing 20%; Here's why

In a remarkable turn of events, Shiba Inu (SHIB), the cryptocurrency born out of internet meme culture, has orchestrated an astonishing ascent, boasting an impressive 20% surge within the past week.

Timeline of Shiba-inu

The week is gradually coming to an end, and most altcoins are exploring ways to wriggle out of their protracted losses over the trailing seven-day period. Shiba Inu (SHIB) is one of these ambitious altcoins, having gained a small 2.73% to push its price to $0.000009984 at the time of writing.

Data from Santiment indicated that Shiba Inu has captured the attention of many traders considering what's lined up for the memecoin. However, excited investors may need to be on the lookout for what comes after a massive surge in prices.

While the broader crypto market consolidates, the Shiba Inu (SHIB) price has surged 3% in the last 24 hours. Thanks to the 79 million SHIB tokens burnt in the last 24 hours, thereby reducing market supply and leading to upward price pressure.

The buzz around Shiba Inu (SHIB) seems to never die down, and a closer look reveals a compelling reason behind the latest price surge. Since July 1, SHIB has witnessed an impressive 25% hike.

The pseudonymous lead dev of Shiba Inu, Shytoshi Kusama, has made an announcement in the official Telegram channel “Shibarium Tech”, teasing three new partnerships for SHIB that are coming soon. The SHIB army calls them ‘partnerSHIBs'.

Amidst a more extensive revival in the cryptocurrency market, the value of Shiba Inu has witnessed a significant upward trend today, giving investors of the meme coin a reason to be happy. The surge in its value can be attributed not only to the prevailing favorable feeling in the cryptocurrency industry, but also to a fundamental reason that is bolstering its worth.

SHIB's title of the best-performing cryptocurrency of the last few weeks may be about to witness a change as exhaustion of the bulls has taken over. A bearish price action could be the reality of SHIB over the next couple of days.

SHIB Price Analysis: On August 5th, the Shiba Inu price provided a bullish breakout from the rising wedge pattern. The coin price breaking above the resistance of the chart setup that is following an ascending trend indicates the strong bullish momentum in the market.

Recently, Shiba Inu, often referred to as the “Dogecoin killer,” has become the center of the meme coin market due to its unstoppable bullish rally. As the Shibarium's launch is just a few days away, the SHIB price is preparing for a notable surge.

Shiba inu rose by as much as 10% during today's session, as bullish sentiment returned to cryptocurrency markets. The meme coin climbed to its highest point this week, with the global crypto market cap up nearly 2% as of writing. Solana was another big gainer, hitting a ten-day high on Wednesday.