Popular memecoin Shiba Inu (SHIB) has continued on its path as one of the trending cryptocurrencies in the market this past week. The coin has a very active community that takes part in events to help boost the value of the asset including burning.
SHIB has maintained its spot as one of the top-performing crypto assets amid the slight volatility of Bitcoin. According to live data from CoinMarketCap, Shiba Inu has grown over 16% over the past 7 days which is more compared to other popular tokens like Bitcoin, Ethereum, BNB, Ripple (XRP), and Dogecoin.
Shiba Inu (SHIB) surges 25% since July 1st
Meanwhile, reports from Kaiko – a digital asset data provider, show that Shiba Inu has increased in value, generating over 25% in profit since the beginning of July. The reason for the price growth can be attributed to increased developer activity on the Shiba Inu network.
#SHIB is no joke.
The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network. pic.twitter.com/mUfomDBVYB
— Kaiko (@KaikoData) August 9, 2023
Traders and investors of the trending coin are stocking up on the asset ahead of the expected launch of Shibarum – a layer 2 blockchain for Shiba Inu built on Ethereum. On July 26, the Shibarium network went live for public testing. The Beta Bridge will enable users to transfer tokens between the Shibarium and Ethereum network.
Related Reading: Shibarium Cross-Chain Solution Goes Live for Public Testing
The current optimistic feeling was influenced in part by developers’ announcement last week that they will link digital identity verification to all future Shiba Inu developments, including those on Shibarium.
Other cryptocurrencies that are on the trending list today include fellow memecoin Pepe, the recently launched Worldcoin (WLD), Ripple (XRP), and Aptos (APT).
Ripple has mostly been on the trending list since its heated court case with the Securities and Exchange Commission. The crypto community has been eagerly waiting for a final ruling on the case which will undoubtedly shape the future of cryptocurrency.
Meanwhile, the developers behind the Shiba Inu project have pointed out the potential positive effect the rising interest in digital identities and data protection in Canada will have on the project.
Shiba Inu (SHIB) price today
According to live data from CoinMarketCap, the price of SHIB today is $0.00001. The price is up 2.35% in the last 24 hours. What’s more, Shiba Inu had a 24-hour trading volume of $309,091,822 ($309 million). Ultimately, Shiba Inu (SHIB) is ranked #14 on the global crypto market with a live market cap of $5,898,110,038 ($5 billion)