The cost of the Shiba Inu digital currencies coin, known as SHIB, increased by 12% on Tuesday, bringing SHIB’s weekly gains to 52 percent. SHIB’s price has dropped 75% off its all-time peak of $0.00008616 per token in October until the latest increase. Shiba Inu rises 50% as Ethereum and Bitcoin recover—and a blockchain development project gets off the ground, reports Fortune.
SHIB’s resurgence coincides with a larger recovery in cryptocurrency markets during the last week. Ethereum and Bitcoin prices have also increased by 17% and 13%, respectively. SHIB holders, on the other hand, refer to several new initiatives inside the coin’s ecosystem as grounds for the coin’s growth.
SHIB, on the other hand, is now selling at $0.00003277 per currency, making it the world’s 13th most valuable cryptocurrency, with a market cap of $17.9 billion. Shibarium is an access layer blockchain, meaning it is constructed on atop Ethereum’s blockchain and will only be used for Shiba Inu trade and other activities.
“Ethereum and Bitcoin both rising off the lows have given buyers confidence in other currencies like Shiba Inu, which have also rallied off weeks of decline,” said Ishan Arora, a director at cryptocurrency hedge fund Tykhe Block Ventures.
Unification, a Singapore-based cryptocurrency solutions company that has worked with corporations such as Amazon and Google, revealed on Feb. 5 that it has been developing Shibarium in collaboration with the Shiba Inu community.
Unification said in a blog post on February 5 that Shibarium will enable “quick low-cost transactions suited for gaming.” Gritt Trakulhoon, a financial consultant at Titan Global Capital Management America Inc., told Bloomberg that Unification wants to start public tests for the system “very soon,” which may have spurred investors to purchase in.
On Feb. 3, Shiba Inu currency’s top influencer, Shytoshi Kusama, stated that the coin is formally working with Welly’s, a burger eatery with one physical location in Italy, Naples, that bills itself as “the very first SHIB restaurant chain driven by the community.” SHIB will manage Welly’s payments, integrate Shiba Inu, NFT’s blockchain into Welly’s company, and lead Welly’s business strategy as part of the arrangement, according to Welly’s.
However, other skeptics believe Shiba Inu’s popularity will fade, and also that the meme-coin will remain a hazardous venture with little inherent assets.