Meme cryptocurrency Shiba Inu SHIB/USD rose sharply during Saturday morning trading.

What happened: At the time of writing, the Dogecoins DOGE/USD Siblings rose 2.73% to $0.000011, according to Benzinga Pro data. This marked a pullback from the $0.00001108 level that was trading at 8:55 am EDT.

The surge was also accompanied by an increase in volume, which rose 33.93% to $216.26 million over the past 24 hours. Market cap rose 2.85% to $6.49 billion.

Shiba closed Friday’s session at $0.00001085.

Shiba’s sharp surge is striking, especially as other major cryptocurrencies are seeing subdued trading. At the time of writing, Bitcoin BTC/USDthe top crypto, rose 0.11% to $29,428.49 and Dogecoin was flat at $0.07655.

Syeah too: Is Shiba Inu (SHIB) a Good Investment?

Why it matters: Cryptocurrencies have turned around this year as risk appetite for them has picked up again after a dismal 2022. Recent bank runs have proven to be a boon for digital currencies, as decentralized coins are viewed as viable alternatives to fiat money during troubled times.

Shiba Inu is expected to receive support from The development of the Shibariuma blockchain platform that will likely serve as a decentralized platform for trading Shiba and other Shiba ecosystem coins.

Continue reading: One Analyst Predicted Huge Upside Potential for Dogecoin — Here’s Why

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