The cryptocurrency market continues its wild ride in 2024, with established giants like Bitcoin facing headwinds while seemingly outlandish projects like Shiba Inu experience unexpected growth spurts.
Bitcoin Struggles To Find Footing
Bitcoin, the undisputed king of crypto, has seen its price plummet in recent weeks. After flirting with record highs above $70,000 earlier this year, the leading cryptocurrency dipped below $58,000 on Wednesday, May 1st. This price drop comes amidst a broader market correction and growing concerns about rising inflation and potential interest rate hikes by the Federal Reserve.
Shiba Inu Soars Despite Market Gloom
While Bitcoin licks its wounds, the meme-coin phenomenon Shiba Inu is experiencing a surprising resurgence. Transaction fees on Shibarium, Shiba Inu’s layer-2 blockchain solution, skyrocketed by a staggering 500% over the past 24 hours.
This surge coincides with a 200% increase in active accounts on the network, suggesting a signif
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