Amidst a more extensive revival in the cryptocurrency market, the value of Shiba Inu has witnessed a significant upward trend today, giving investors of the meme coin a reason to be happy. The surge in its value can be attributed not only to the prevailing favorable feeling in the cryptocurrency industry, but also to a fundamental reason that is bolstering its worth.
According to data from the crypto market tracker Coingecko, as of the time of writing, the trading price of SHIB reached $0.00000974, reflecting a notable increase of nearly 3% within the past 24 hours. Furthermore, the data reveals that SHIB has demonstrated a commendable upward trend of 18.2% over the course of the previous seven days.
On Wednesday, the cryptocurrency SHIB experienced a significant increase of approximately 5.75%, reaching a value of $0.00001005. This upward movement is part of an ongoing pattern of recovery that commenced two days prior. In aggregate, the price has undergone a reversal of nearly 15% from its most recent nadir of $0.0000947.
SHIB price as of Thursday. Source: Coingecko
As the situation progressed, it can be observed from an on-chain standpoint that a significant number of the wealthiest addresses associated with Shiba Inu had acquired a notable quantity of SHIB tokens during its recent price recovery over the course of the previous two days.
Within the realm of cryptocurrency, specifically in relation to canine-themed currencies, Shiba Inu has garnered substantial interest due to its remarkable surge in popularity. Through a dedicated pursuit of diverse advancements, the network strives to emancipate itself from being narrowly categorized as a mere cryptocurrency associated with memes.
One notable example that deserves attention is Shibarium, which distinguishes itself as an innovative layer-2 scaling solution. The diligent endeavors devoted to its creation are approaching the point of realization, with a prospective launch scheduled for the current month.
SHIB market cap at $5.73 billion at the time of writing. Chart: TradingView.com
The imminent technological milestone is eliciting increased enthusiasm among the community, not just because to the development in technology it represents, but also because of the wider ramifications it may entail.
Simultaneously, this positive advancement corresponds with a dominant sense of expectation of a significant change in the direction of the asset’s value. The confluence of Shibarium’s launch and the anticipated fluctuation in price intersect to generate a juncture of considerable prospective metamorphosis for the ecosystem.
The convergence of technological innovation and market dynamics is being closely observed by stakeholders, who are eager to assess the collective influence on the project’s progress and its market value.
The anticipated debut of Shibarium gives SHIB a boost in price. Source: DailyCoin
Meanwhile, according to the principal inventor of the pseudonymous memecoin, Shytoshi Kusama, Shiba Inu’s forthcoming blockchain-based digital identity initiative is expected to offer a wide range of applications that will contribute to the preservation of decentralization.
The official Twitter account of Shib, an ecosystem within the cryptocurrency space, has made an announcement stating that Kusama intends to incorporate Self-Sovereign Identity (SSI) into all Shiba Inu enterprises.
SSI refers to a blockchain-driven identification solution that bears resemblance to digital passports. This solution empowers users with absolute authority over the storage and utilization of their personal identity information.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from VectorStock
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