Here are the major reasons that contributed to Shiba Inu’s 10% price surge over the past 24 hours.
Popular doggy-themed cryptocurrency Shiba Inu has stolen the show as the best-performing coin over the past 24 hours. Notably, Shiba Inu has experienced a 10% surge in value over the past day, significantly outperforming other major crypto assets.
Shiba Inu Outperforms Major Cryptos
In the hour leading up to press time, Shiba Inu was changing hands at $0.00000910, up 10% in the past 24 hours. Interestingly, the doggy-themed cryptocurrency has also surged 12.24% in price in the past seven days, according to data from CoinGecko.
Following its recent spike, Shiba Inu has outperformed other top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE).
At press time, Bitcoin, Ethereum, and XRP are down 0.6%, 0.4%, and 6.9%, respectively. However, Dogecoin has experienced a slight rally of 1% over the past day.
Main Reasons Behind Shiba Inu Rally
Many investors may seem surprised to see Shiba Inu outperform top crypto assets. However, several factors have contributed immensely to SHIB’s recent price uptick.
Upcoming Shibarium Launch
The launch of Shiba Inu’s forthcoming blockchain project, Shibarium, is around the corner. The Shiba Inu community has been anticipating the release of the L2 blockchain.
According to the team, Shibarium will provide a faster and less costly alternative to the Ethereum blockchain. Shibarium is expected to drive the adoption and value of SHIB higher. The blockchain project is also expected to reduce Shiba Inu’s total supply via burns.
As reported by The Crypto Basic, Shiba Inu’s lead developer Shytoshi Kusama hinted that the mainnet launch of Shibarium could happen in mid-August during the Blockchain Futuristic Conference.
Binance Adds Shiba Inu As Collateral Asset
Yesterday, prominent cryptocurrency exchange Binance expanded its support for Shiba Inu. The Crypto Basic reported that the world’s largest exchange by 24-hour trading volume added Shiba Inu as a collateral asset in its flexible loan service.
Following the announcement, Binance users can now collateralize SHIB to borrow other cryptocurrencies.
Shibarium SSI (Self-Sovereign Identity)
Shibarium SSI is a new initiative introduced this week by Shiba Inu’s development team.
Notably, the project is expected to give users sovereign digital identities, ensure data control, privacy, and secure identity integration across the Shiba Inu ecosystem and beyond.
Binance Japan Lists SHIB
Earlier this week, Binance launched an exclusive platform tailored specifically for the Japanese crypto market. Dubbed Binance Japan, the cryptocurrency exchange listed SHIB alongside 31 crypto assets, including XRP, ADA, BTC, and ETH.
Over 300 Beauty Brands Now Accept Shiba Inu
In an exciting development yesterday, famous beauty and lifestyle marketplace YesStyle integrated Binance Pay. The integration will allow more than 300 beauty brands to accept payments in SHIB and other Binance Pay-supported cryptocurrencies.