A popular Shiba Inu themed dog meme has seen its value rise by 20% to become one of the best-performing coins of the weekend.
Shiba Inu Coin Price Surge
A popular Shiba Inu themed dog meme has seen its value rise by 20% to become one of the best-performing coins of the weekend.
Shiba Inu Coin Performance
Shiba Inu (chip) prices have risen from a low of $0.00000827 on Aug 4 to $0.00001028 early on Aug 6. To date, it is up 12.24% over the last seven days, according to CoinGecko stats.
Outperforming Other Cryptocurrencies
The meme currency is gaining momentum on Binance and other cryptocurrency exchanges and has outperformed other popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE).
Shiba Inu Coin on Twitter
Weekend Performance of Major Cryptocurrencies
Over the weekend, Bitcoin, Ethereum, and XRP lost 0.6%, 0.4%, and 6.9% of their values, respectively. However, Dogecoin enjoyed a 1% gain in the last day.
Factors for Shiba Inu Coin’s Rise
Shiba Inu’s price rise is remarkable, given the growth risk aversion across the broader tech and encryption market after Fitch downgraded the US sovereign rating.
Analysts attribute the growing performance to the announcement by Shiba Inu’s developers of a decentralized blockchain system for Shibarium, Shiba Inu’s Layer 2 (L2) scaling solution.
After the release, Shiba Inu’s online presence and trading volume increased, indicating the increasing adoption of the meme currency among market players. Santiment data indicates that Shiba Inu’s social dominance reached its highest level in several months at 2.914%.
The Shiba Inu community is also excited about the imminent launch of Shibarium itself. According to the Shiba Inu lead developer Chitoshi Kusama, Shibarium may be revealed later in August at the Blockchain Futurist conference in Toronto, where Shiba Inu is a key sponsor.
The developers of Shibarium believe that the L2 blockchain will offer an alternative to Ethereum and expect it to increase the adoption and value of SHIB.
In addition, analysts believe that many bearish traders have been displaced from the SHIB market because of its persistent price decline before the weekend gains. With selling pressure easing, the market opened up for more bullish traders, which led to this weekend’s price jump.
Furthermore, in the name of SHIB price increased, as well as its burning rate. According to Sheburn, a social media platform that keeps tabs on the amount of Shiba Inu turned into dead Governor, the burn meme coin rate had a 21.8% increase over the weekend.
