Ethereum

Bitcoin

Dogecoin

Read

Shiba Inu

<div class="cryptonews"> 
 <p class="is-style-lead">Popular dog-themed meme coin Shiba Inu has seen its value rise by 20% to become one of the best-performing coins of the weekend.</p> 
 <p>Shiba Inu (SHIB) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s rose from a low of $0.00000827 on Aug. 4 to $0.00001028 early on Aug. 6. So far, it advanced 12.24% over the last seven days, according to CoinGecko statistics.&nbsp;</p> 
 <p>The meme coin is gaining traction on Binance and other crypto exchange platforms and has outpaced other popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE).&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">#ShibaInu go go go️#SHIBARMYSTRONG pic.twitter.com/l1h0CdDOyq</p>— SHIBARMY (@Ksaynak16) August 5, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Over the weekend, Bitcoin, Ethereum, and XRP lost 0.6%, 0.4%, and 6.9% of their values, respectively. However, Dogecoin has enjoyed a 1% gain in the last day.&nbsp;</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="1024" src="https://cdn.thebittimes.com/images/2023/08/07/b731fe038390475d6cefcec614b5df1a.webp" alt="SHIB price climbs 20% as Shibarium launch nears - 1" class="wp-image-14183515"> 
  <figcaption class="wp-element-caption">
    Shiba Inu price movement Aug. 4 – Aug. 6 | Source: CoinGecko 
  </figcaption> 
 </figure> 
 <p>Shiba Inu’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rise is remarkable, considering the growing risk aversion across the broader tech and crypto market after Fitch downgraded the U.S. sovereign rating.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Shiba Inu whale activity plummets despite uptick in burn rate 
 </div> 
 <p>Analysts have chalked down SHIB’s performance to the announcement by its developers of a decentralized blockchain identification system for Shibarium, Shiba Inu’s layer 2 (L2) scaling solution.</p> 
 <p>Following the release, Shiba Inu’s on-chain measures, such as social dominance and trading volume, increased, indicating the meme coin’s growing adoption among market players. Santiment data indicates that Shiba Inu’s social dominance has reached a multi-month high of 2.914%.</p> 
 <p>There is also growing excitement among the Shiba Inu community as they await the imminent <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of Shibarium itself. According to Shiba Inu lead developer Shytoshi Kusama, Shibarium may be unveiled later in August at the Blockchain Futurist Conference in Toronto, where Shiba Inu is a key sponsor.&nbsp;</p> 
 <p>Shibarium’s developers believe the L2 blockchain will offer an alternative to Ethereum and expect it to increase SHIB adoption and value.</p> 
 <p>Additionally, analysts believe many bearish traders have been displaced from the SHIB market due to its sustained <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> decline before the weekend gains. With the selling pressure eased, the market opened up for more bullish traders, resulting in the weekend <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> jump.</p> 
 <p>As the SHIB <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increased, so did its burn rate. According to Shibburn, a social media platform that keeps tabs on the amount of SHIB shifted to dead wallets, the meme coin’s burn rate increased by 21.8% over the weekend.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> New meme coin raises over $6.5 million and could dethrone Shiba Inu 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

SHIB price climbs 20% as Shibarium launch nears

TheBitTimes

Other articles published on Aug 6, 2023

Chinese regulators reaffirm ‘severe crackdown’ on overseas telecoms dealing in crypto, blockchain

Things That Are Making Asia a Key Player in Crypto Landscape

Farmers World: Game That Offers An Actual Farming Experience

Marathon Digital Stock: Will MARA Stock Recover After Earnings?

Deaton Explains Decision Not to File Amicus Brief Supporting Coinbase

SNDL Stock: Risk of Short Squeeze is High, After Earnings?

Join our free newsletter for daily crypto updates!