Shiba Inu’s SHIB token has outperformed the top ten cryptocurrencies over the past seven days as the digital asset gained 20%. The SHIB community awaits the launch of Shibarium, a Layer 2 network.
Shiba Inu is up 8.9% over the past 24 hours to $0.00001107 at press time, continuing a price rally that started earlier this month.
Why the SHIB price is rising
The Shiba Inu’s recent rally can be attributed to the anticipated launch of its Shibarium Layer 2 network. Last month, the project’s lead developer, Shytoshi Kusama, said the Layer 2 network is expected to launch this month.
One of the key partners in developing Shibarium, NOWNodes, has started the countdown to the launch of Shibarium. Although the number of days remaining was not specified, it said that the only remaining phase was the release of the final version of the mainnet.
Blockchain analysis firm Kaiko found that Shiba Inu is up more than 25% since July 1 following a wave of developer activity on the network.
Price development of SHIB. Source: Kaiko
Meanwhile, other announcements have fueled the rally, including a recent “SoonTM” tweet from Shibtoken’s official X account. The tweet fueled speculation about what the Shiba Inu team might have planned.
Kusama also announced three new partnerships that the Shiba Inu project has secured. He said the contracts were already signed and only announcements remained. Another cryptic statement from Kusama that Shib > X has also led to further speculation.
Other Shiba Inu-related tokens like BONE, LEASH, and others also saw gains. According to BeInCrypto data, LEASH is up 13.3% over the past seven days, while BONE is up 4.3% today.
Top 10 Assets Trade Flat
While the performance of Shiba Inu-related tokens may come as a surprise, the generally subdued levels of the crypto market allowed the memecoin to shine. Among the top 10 cryptocurrencies by market, only Solanas SOL saw a significant gain of 7.6%.
Bitcoin price history. Source: BeInCrypto
Other cryptocurrencies like Bitcoin, Ethereum and others gained less than 2%. Some, like BNB, even saw a slight drop in value.
The performance of the top 100 cryptocurrencies was not much better. Only Rollbit Coin RLB outperformed Shiba Inu, up 66% over the past week.
Disclaimer
In accordance with Trust Project policies, BeInCrypto is committed to unbiased and transparent reporting. The goal of this news article is to provide accurate and timely information. However, readers are encouraged to independently verify the facts and consult a professional before making any decisions based on this content.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.