Shiba Inu Surges 50% In Market RecoveryFebruary 8, 2022 8:39 pm
Since Tuesday, the price of the Shiba Inu increased by 12% which puts the coins overall weekly gains to a total of around 50% making it once of the biggest winners among the top 20 coins.
That being said, the coin is still down from its all time high last year as it had fallen around 75% since hitting its peak back in October.
Currently, the meme digital asset is trading at around $0.00003277 per coin which makes it the 13th most valuable blockchain according to CoinMarketCap’s total market cap valuation.
The recent rise coincides with a broader crypto market recovery with top coins like Bitcoin and Ethereum being up 13% and 17% respectively.
— 0xAdam (@0xAdRock) February 8, 2022
“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.
But SHIB holders point to some new projects within the coin’s community as reasons why the coin is gaining momentum.
On Feb. 5, Unification, a Singapore-based blockchain solutions provider that has worked with companies like Amazon and Google, announced that it has been working with the Shiba Inu 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 on Feb. 5.
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 popular meme coin also recently announced that it would be partnering with a burger restaurant named Welly’s making it the first restaurant to support this meme coin as payment.
SHIB holders are optimistic for future for future SHIB projects such as its partnership with a company called Unification which is a blockchains solution provider that has worked with companies like Amazon and Google.
The purpose of the partnership was to further develop Shibarium which would provide upgrades to the blockchain such as faster processing speeds and lower fees on the network.
The fact that SHIB has been able to tap into the recent market recovery has convinced many analysts of the strong investor confidence in the crypto market.
Ishan Arora, a partner at crypto hedge fund Tykhe Block Ventures, told The Economic Times that the recovery of BTC and ETH is a sign that investor confidence has been recovering more so in other coins such as Shiba Inu, which have also bounced off weeks of the downtrend.
However, SHIB holders point out that the crypto asset is in for a string of new projects, and this is also one of the reasons for the crypto asset surging in value.
Shiba Inu coin rises 52% in a week, leading cryptocurrency rebound
Shiba Inu on Tuesday soared 12%, giving it a one-week surge that topped 52%. #SHIB
— RareHippo (@RareHippo) February 8, 2022
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