Shiba Inu Price Rises By 50% As Bitcoin And Ethereum Rebound

Shiba Inu Price Is Up

On Tuesday, the price of SHIB (Shiba Inu coin) increased by 12%, bringing SHIB’s weekly gains to 52%. Prior to the latest surge, SHIB’s price had dropped by 75% from its all-time high of $0.00008616 per coin in October.

SHIB is now trading at $0.00003064 per coin, making the meme coin the world’s 13th most expensive cryptocurrency, with a market cap of approximately $17 billion.

SHIB’s gain reflects a larger recovery in crypto markets during the last week. Bitcoin is up 13% while Ethereum increases 17%.

“Bitcoin and Ethereum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu, which have also bounced off weeks of downtrend,” Ishan Arora, a partner at crypto hedge fund Tykhe Block Ventures, told the Economic Times.

Shibarium’s Private Testnet Is Live

On February 5, Unification Foundation, a provider of blockchain solutions that has worked with companies like Amazon and Google, announced that it has been working with the SHIB community to develop Shibarium.

Shibarium is a layer 2 blockchain, which means it is built on top of Ethereum’s blockchain but will exclusively support trading and other transactions in the Shiba Inu ecosystem. Shibarium will enable “rapid low-cost transactions optimized for gaming,” Unification wrote in a blog post. Unification says it plans to begin public tests for the network “very soon,” which may have prompted investors to buy in, Gritt Trakulhoon, an investment analyst at Titan Global Capital Management USA, tells Bloomberg.

The Meme Coin Partners With Welly’s

On February 3, Shytoshi Kusama announced that Shiba Inu coin is officially partnering with Welly’s, a burger restaurant with one physical outlet in Naples, Italy, that describes itself as “the first and only SHIB themed restaurant powered by the community.” As part of the deal, Welly’s says SHIB will handle payments for Welly’s, integrate NFTs and Shiba Inu’s blockchain into Welly’s business, and guide Welly’s business strategy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News