Why Shiba Inu (SHIB) Is Rising

Shiba Inu (CRYPTO: SHIB) is trading higher by 5.39% to $0.00001174 Tuesday morning. Shares of several altcoins are trading higher on continued upward momentum in cryptocurrencies.

Timeline of Shiba-inu

The release of new live views of Shiba Inu's Metaverse at the South by Southwest (SXSW) festival in Austin, Texas, have generated a lot of excitement in the SHIB community. As Bitcoinist reported yesterday, detailed video views of the WAGMI Temple Hub were shown after lead dev Shytoshi Kusama released the official movie poster.

Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu project, recently provided some information about the beta testing for Shibarium, a layer two blockchain designed to address the shortcomings of the $SHIB token's host chain Ethereum, namely low speed and high transaction cost.

Shiba Inu [SHIB], one of the market's prominent memecoins, noted some exponential growth in its burn rate recently. Especially as it hiked by over 2,400% in the last 24 hours, proving its deflationary characteristic to the community.

the cryptocurrency's whales divest of more than 10 trillion $SHIB, as blockchain data shows that Shiba Inu whale balances have declined from 670.9 trillion to 660.9 trillion SHIB since Friday, a day before the crypto project started the early beta phase of the Shibarium network.

The collapse of SVB Financial Group (NASDAQ: SIVB)-owned Silicon Valley Bank dominated the weekend chatter, with analysts and pundits weighing in on the potential ramifications. Here's a recap of a few major headlines that hit the wire over the weekend: 1.

Shiba Inu's (CRYPTO: SHIB) burn rate spiked to 2400% in the last 24 hours, on the news of the much-awaited layer-2 blockchain Shibarium release. What Happened: Shytoshi Kusama, lead developer of the Shibarium project, on Sunday said in a blog post that users will have the ability to build decentralized applications (dApps) on the Shibarium chain and integrate businesses on it.

Shiba Inu noted losses of close to 20% within ten days of dropping beneath the level of support at $0.000012. Recently, the strong selling pressure forced SHIB to leave an imbalance on the charts, which was retested before prices continued to plunge.

On Saturday, pseudonymous Shiba Inu (CRYPTO: SHIB) developer Shytoshi Kusama announced the beta version of the highly anticipated layer-2 scaling solution Shibarium. In a blog post, Kusama said that early beta testers can now use the testnet, which uses tokens called Puppynet that are not in any way investments.

Pseudonymous developer Shytoshi Kusama is giving the crypto community a teaser as the Shiba Inu (SHIB) ecosystem gears up to showcase its metaverse project. Shytoshi Kusama has unveiled an image that will serve as Shiba Inu's entry to the best movie poster competition at the 2023 SXSW music and film festival in Austin, Texas.

The number of Shiba Inu tokens held by large investors, or “whales,” dropped significantly on March 11, the day of the eagerly awaited public beta launch of Shibarium, also known as PuppyNet. Finally, after much anticipation, Shiba Inu's lead developer Shytoshi Kusama announced that the beta version of Shibarium is now available to the public.