Shiba Inu Reclaims 14th Spot In Market After 5% Jump
July 29 2023 - 11:00AM
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After a rough few months of slipping down the ranks, Shiba Inu is
back in the top 15 cryptocurrencies by market cap. In the last 24
hours, the price of Shiba Inu has spiked in excess of 5%, allowing
it to overtake cryptocurrencies like Wrapped Bitcoin and Bitcoin
Cash to reach the 14th spot with a market cap of $4.8 billion.
Shiba Inu Jumps 5% In 24 Hours, Reclaiming 14th Spot The price of
the majority of cryptocurrencies seems to be plateauing in the past
week, with some even losing some of their market cap. However, meme
coins like Shiba Inu and Dogecoin seem to be doing slightly well,
with DOGE leading the pack with a 7.02% gain in the past seven
days. Related Reading: VC Firm Sequoia Capital Slashes Crypto
Fund By 65% Amid Bear Market In the case of Shiba Inu (SHIB), the
altcoin has found a bit of momentum, amassing an increase of
293.16% in trading volume in the past 24 hours. As usual with
volatile meme coins, it’s hard to pin down an exact catalyst of the
spike. However, the price jump seems to have come after Shiba Inu’s
developers announced the release of a testnet bridge between
Shibarium and Ethereum. Shibarium to Ethereum Testnet Bridge Pushes
SHIB’s Price by 5% Shiba Inu has come a long way since its creation
as a meme coin made just to challenge the popular Dogecoin (DOGE).
However, the Shiba Inu ecosystem now has a lot of following,
investors, developers, and an active community. Shiba Inu
developers are now working on a Layer-2 upgrade with the aim of
developing the ecosystem and becoming a serious blockchain
contender. The network, which will operate on top of Ethereum, is
called Shibarium and was announced earlier in March. When Shibarium
is launched, it is expected to help minimize costs and increase
transaction speeds. 🔥 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 28, SHIB devs began testing a
bridge that allows tokens to be easily transferred between the
Shibarium and Ethereum. The testnet release is an important step
toward making Shibarium a reality. This cross-chain solution seems
to have sparked the interest of SHIB investors, as the price of the
token spiked in the hours after. Related Reading: Ripple
Attorney Withdraws From SEC Lawsuit, Will It Affect XRP? How High
Can The Price Go? Shiba Inu is the second-largest meme coin in
terms of market cap. Although the price is now nearly 80% from its
all-time high in October 2021, current upgrades show momentum seems
to be turning positive. The coming months and the progress of the
Shibarium Layer-2 will be crucial in determining whether Shiba Inu
can build on this momentum to retest previous highs or whether it
continues to plateau. At the time of writing, SHIB is trading
at $0.000008191. SHIB price recovers above $0.000008 | Source:
SHIBUSD on Tradingview.com Featured image from iStock, chart from
Tradingview.com
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