Shiba Inu (SHIB) Prints Unusual 9% Surge, What's Happening?

With the broader digital currency ecosystem returning to its default bullish setting, the meme coin niche appears to be taking this resurgence more personally. The second largest meme coin by market capitalization, Shiba Inu (SHIB), has printed an unusual 9.89% with its price now pegged at $0.000009829.

Timeline of Shiba-inu

In the last month, the price of Shiba Inu (SHIB), the meme-inspired cryptocurrency, has witnessed a stunning surge, soaring over 30%. This meteoric rise has not only captivated the crypto community but has also propelled SHIB to new heights.

The Shiba Inu (SHIB) project is branching out into innovative digital territories. A recent blog post by Shytoshi Kusama, the project's pseudonymous lead developer, delved into the Self-Sovereign Identity (SSI) concept and its potential integration with Shibarium, their Layer 2 solution.

Shiba Inu (CRYPTO: SHIB) experienced a significant surge of 7% in the last 24 hours, outperforming Dogecoin (CRYPTO: DOGE). The ascent comes as the highly-anticipated layer-2 solution, Shibarium, nears its release.

Shiba Inu lead developer Shytoshi Kusama earlier confirmed a high possibility of Layer-2 Shibarium mainnet launch during the Blockchain Futurist Conference in Toronto, Canada in mid-August. Shibarium testnet PuppyNet and Telegram channel pause ahead of the event raise speculation of an imminent release of the Shibarium mainnet.

In a surprising turn of events, recent on-chain data analyzed by IntoTheBlock has unveiled a whirlwind of activity within the realm of the Shiba Inu token. The statistics reveal a jaw-dropping surge in transactions involving SHIB within the price bracket of $100,000 to $1 million, marking an astonishing 300% increase over the past month.

A glance at the Puppyscan explorer shows that no activity has been taking place over the weekend on Puppynet, the testnet of Shibarium. In terms of number of transactions, wallets, blocks, etc.

Shiba Inu News: Lead developer Shytoshi Kusama has confirmed the Shibarium mainnet release at the Blockchain Futurist Conference and ETH hackathons in Canada next week. Meanwhile, the Shibarium testnet “PuppyNet” on halt for nearly 3 days and Shibarium validators going live on the mainnet raise speculation of an imminent launch next week.

A staggering transfer of Shiba Inu meme coins has been detected by popular blockchain tracker Whale Alert, which tracks down big crypto transactions and shares them on its website and Twitter (X).

Over the past two years, Shiba inu coin has gone through a really tough time: the crypto in addition to seeing its value depreciated is experiencing a serious decrease in interest from its community.

The world's largest crypto exchange platform by volume has announced support for memecoin Shiba Inu (SHIB) as a collateral asset for one of its loan programs. In a new company statement, Binance says that it's adding SHIB, alongside a handful of other altcoins, as collateral to its flexible loan feature.