Shiba Inu Price Soars 20% Ahead of Shibarium Launch

Aug 6, 2023 2:41 PM

altcoins, Bitcoin, Blockchain, Crypto, Crypto Analysis, Crypto Market, Ethereum, Financial, XRP

Shiba Inu Sees 20% Price Increase, Outpacing Bitcoin and Ethereum

The popular meme coin Shiba Inu (SHIB) has experienced a significant increase in value, making it one of the best-performing coins of the weekend.

Shiba Inu’s price rose 20% from August 4th to August 6th.
It has outpaced other popular cryptocurrencies such as Bitcoin, Ethereum, XRP, and Dogecoin.
Bitcoin, Ethereum, and XRP experienced losses over the weekend, while Dogecoin saw a 1% gain.
Analysts attribute SHIB’s performance to the announcement of a decentralized blockchain identification system for Shibarium, its layer 2 scaling solution.
Shibarium is set to be unveiled later in August at the Blockchain Futurist Conference in Toronto.

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With the weekend price jump, SHIB’s burn rate also increased by 21.8%, indicating increased activity and interest in the coin.