Here’s why Pepe and Shiba Inu prices are soaring

Pepe and Shiba Inu prices bounced back on Wednesday as cryptocurrencies drifted upwards. Shiba Inu jumped by more than 10% in the past 24 hours to $0.000010 meaning it has soared by 62% from the lowest level this year.

Pepe, on the other hand, rose by 12% in a high-volume environment. The token rose to a high of $0.0000012, the highest level since August 2nd. This rally happened as the volume jumped to over $195 million in the past 24 hours. Most of this volume came from centralized exchanges like Binance and KuCoin.

There was no immediate trigger for the meme coin rally. A likely reason is that big coins like Bitcoin and Ethereum drifted upwards. Bitcoin jumped above $29,500 after it found a strong support level at $28,800, where it struggled to move below in the past few weeks.

Some analysts pointed to technicals, which pointed to a sustained Pepe price rally. In a tweet, a popular analyst noted that the token’s TD Sequential indicator had turned positive on the daily chart. TD Sequential is a popular indicator that identifies the exact time of trend exhaustion and price reversal. The indicator pointed to further gains to $0.0000159.

https://twitter.com/ali_charts/status/1689178342329593856

Shiba Inu price, on the other hand, rose as investors waited for the upcoming Shibarium launch. Shibarium will be a layer-2 network that will solve the speed and cost factors in the ShibaSwap ecosystem.

Shibarium is one of the ways that Shiba Inu is using to build an ecosystem. For it to succeed, the developers believe that building an independent layer-2 network will lower transaction costs and boost speeds. 

Shiaba Inu price also jumped as the network’s Shiboshis NFTs saw higher demand as transactions in the ecosystem rose.

https://twitter.com/LucieSHIB/status/1688913948773588993?ref_src=twsrc%5Etfw

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