Shiba Inu has regained its position in the top 15 cryptocurrencies by market cap after experiencing a decline in the past few months. Within the last 24 hours, there has been a more than 5% increase in the price of Shiba Inu, which has allowed it to surpass other cryptocurrencies such as Wrapped Bitcoin and Bitcoin Cash, and reach the 14th position with a market cap of $4.8 billion.
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Shiba Inu jumps 5%, regains 14th spot in market.
Cryptocurrency prices have remained relatively stable over the past week, with some experiencing a decrease in market capitalization. However, meme coins such as Shiba Inu and Dogecoin have shown some positive movement, with DOGE leading the way with a 7.02% increase in the last seven days. Shiba Inu jumps 5%, regains 14th spot in market.
Shiba Inu (SHIB) has seen a surge in trading volume of 293.16% in the last 24 hours, indicating some momentum in the altcoin market. It is difficult to determine the exact cause of the price increase for volatile meme coins, but it appears that the announcement of a testnet bridge between Shibarium and Ethereum by Shiba Inu's developers may have contributed to the recent price jump.
Shibarium to Ethereum Testnet Bridge Pushes SHIB’s Price by 5%
Shiba Inu, originally created as a meme coin to challenge Dogecoin, has come a long way. It now boasts a significant following, investors, developers, and an active community. The team behind Shiba Inu is currently working on a Layer-2 upgrade called Shibarium, which aims to enhance the ecosystem and establish itself as a serious blockchain contender. Shibarium will operate on top of Ethereum and is expected to reduce costs and increase transaction speeds upon its launch, which was announced in March.
🔥 Shibarium Beta Bridge has gone live for public testing! 🎉 Be among the first to try out this revolutionary cross-chain solution. Remember, always exercise caution and verify authenticity before connecting your wallet to any website. PLEASE DO NOT USE YOUR REAL ASSETS!… pic.twitter.com/7yfhX8gQc6 — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 26, 2023
On July 28th, the developers of SHIB initiated the testing phase of a bridge that enables seamless transfer of tokens between Shibarium and Ethereum. This testnet release marks a significant milestone towards the realization of Shibarium. The introduction of this cross-chain solution has garnered the attention of SHIB investors, evident in the surge of the token's price in the hours following the announcement.
How High Can The Price Go?
Shiba Inu is a cryptocurrency that has gained popularity as a meme coin and currently has the second-largest market cap. While the price has decreased by almost 80% from its all-time high in October 2021, recent upgrades indicate a positive shift in momentum.
The next few months and the progress of Shibarium Layer-2 will play a crucial role in determining whether Shiba Inu can maintain this momentum and potentially retest its previous highs or if it will continue to plateau.
As of now, SHIB is trading at $0.000008191.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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