Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has taken center stage in the crypto market by outperforming other major coins with an impressive 18% surge in value over the past 24 hours, deleting one zero in the process.
This recent rally has garnered significant attention from investors and crypto enthusiasts alike, as Shiba Inu continues to surpass the performance of well-established cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE).
At the time of writing, Shiba Inu is trading at $0.00001022, having experienced a remarkable 18% increase over the last day. Notably, the coin has also seen a price surge of 20% over the past seven days, according to data from CoiinMarketCap.
Read Also: A Realistic Look at the Possibility for Shibarium to Send Shiba Inu (SHIB) Price to $0.001
Factors Behind the Current Shiba Inu (SHIB) Price Rally
The substantial growth of Shiba Inu (SHIB) may come as a surprise to many, but several key factors have contributed to its recent price surge.
Upcoming Shibarium Launch
Shiba Inu’s much-anticipated blockchain project, Shibarium, is nearing its launch. The Shiba Inu community eagerly awaits the release of this Layer 2 blockchain, which promises faster and more cost-effective transactions compared to the Ethereum blockchain.
Moreover, Shibarium is expected to boost the adoption and value of SHIB as it implements supply reductions through token burns. The lead developer of Shiba Inu, Shytoshi Kusama, hinted that the mainnet launch of Shibarium might occur in mid-August during the Blockchain Futuristic Conference.
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Binance Adds Shiba Inu (SHIB) as Collateral Asset
In a significant development, Binance, the world’s largest cryptocurrency exchange by trading volume, expanded its support for Shiba Inu. Binance now allows its users to utilize SHIB as collateral for borrowing other cryptocurrencies through its flexible loan service.
This increased exposure on Binance provides Shiba Inu (SHIB) with more liquidity and further consolidates the coin’s position in the market.
Shibarium SSI – Enhancing User Identity and Data Privacy
Shiba Inu’s development team recently introduced Shibarium SSI (Self-Sovereign Identity), a groundbreaking initiative designed to empower users with sovereign digital identities. This project emphasizes data control, privacy, and secure identity integration across the Shiba Inu ecosystem and beyond. By implementing this innovative solution, Shiba Inu aims to enhance user experience and further establish itself as a reliable and secure blockchain platform.
Binance Japan Lists SHIB
Earlier this week, Binance unveiled a dedicated platform, Binance Japan, catering specifically to the Japanese crypto market.
Among the 31 cryptocurrencies listed on the platform, Shiba Inu (SHIB) found its place alongside highly recognized assets like XRP, ADA, BTC, and ETH. This listing expands the reach of the digital asset in the Japanese market and increases its accessibility to a broader user base.
Integration with YesStyle for Beauty Brand Payments
In an exciting development, YesStyle, a renowned marketplace for beauty and lifestyle products, has integrated with Binance Pay. This integration unlocks the opportunity for more than 300 beauty brands to accept payments in SHIB through Binance Pay. This adoption within the beauty industry further expands the use cases and utility of the digital asset.
As Shiba Inu continues to make significant strides in both price performance and recognition within the crypto market, it remains an intriguing asset to watch. With upcoming developments such as Shibarium’s launch and increased support from prominent exchanges, it seems clear that SHIB is on a trajectory toward further growth and success.
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