On Tuesday, the price of Shiba Inu crypto-asset SHIB surged by 12%, putting SHIB’s weekly gains at 52%. Just before the current surge, Shib’s values had tanked by 75% from its all-time high of $0.00008616 per coin reached in October. Today Shib is trading at $0.00003277 per coin, making the meme coin the 13th most valuable cryptocurrency globally with a market valuation of $17.9 billion. SHIB’s recovery is the signal for a broader recovery in the crypto market in the past week. Bitcoin and Ethereum prices are also up 13% and 17%, respectively.
SHIB – more projects in the pipeline
Ishan Arora, a partner at crypto hedge fund Tykhe Block Ventures, told The Economic Times that the recovery of BTC and ETH is a sign that investor confidence has been recovering more so in other coins such as Shiba Inu, which have also bounced off weeks of the downtrend.
However, SHIB holders point out that the crypto asset is in for a string of new projects, and this is also one of the reasons for the crypto asset surging in value.
It was reported on February 5 that Unification, a Singapore-based blockchain solutions provider which has partnered with companies like Amazon and Google, will be working with the Shiba Inu community to develop Shibarium.
Shibarium to go live soon
— Ryoshi (@ShibOwner) February 8, 2022
Shibarium is a layer two blockchain, and it will be built on top of Ethereum’s blockchain but will exclusively support trading and other transactions in the Shiba Inu ecosystem. Shibarium will enable “rapid, low-cost transactions optimized for gaming. Unification revealed that it plans to begin public tests for the network in the immediate future, which would have prompted investors to buy in.
On February 3, Shytoshi Kusama, the coin’s top influencer, announced a partnership with Welly’s, a burger restaurant with one physical outlet in Naples, Italy, that describes itself as the first and only SHIB themed restaurant powered by the community. As a part of the deal, SHIB will handle payments for Welly’s, integrate NFTs and Shiba Inu’s blockchain into Welly’s business, and guide Welly’s business strategy.