After a very rocky start to the year, crypto assets started showing signs of major price recovery. Bitcoin and ethereum have reclaimed the $42,000 and $3,000 levels respectively as the global market cap ticks upwards. But it is meme coin Shiba Inu (SHIB) that’s ahead of the game on the daily charts, soaring by as much as 22.58% on the day.
SHIB Price Headlines Monday Price Recovery
The broader cryptocurrency market witnessed a steep downturn since reaching all-time highs late last year. The cryptocurrencies saw their market value drop by over 50% due to a noteworthy surge in profit-taking. The crypto correction coincided with a sharp pullback action in the stock market and Russia’s threat to outlaw cryptocurrencies.
This week has brought a welcome respite to the crypto markets. Cryptocurrencies have now negated most of the losses they incurred during the latest firesale. The day’s most impressive performance comes from fourteenth-ranked Shiba Inu which traded at $0.00002789 on Monday after growth of over 22 percent over the last 24 hours.
It’s not immediately clear what triggered SHIB’s rally, though social media chatter suggests it may be connected to the recent partnership with fast-food chain Welly’s. The deal entails rebranding the restaurant to include Shiba Inu-themed products as well as putting out non-fungible tokens (NFTs) for customers.
Rival dog-themed coin Dogecoin (DOGE) has gained a modest 6.19% on the day. Other tier-one coins like Ripple’s XRP, Cardano (ADA), and Polkadot (DOT) are also seeing strong gains today. Altogether, the majority of the top 100 coins and tokens gained value against the US dollar. At present, the crypto market cap is valued at $2.04 trillion, representing an intraday rise of 2.5%, per CoinGecko figures.
Investors Seem Bullish As Launch Of Shibarium Public Testnet Nears
Investors seem to be getting bullish on SHIB as a recent announcement indicates that a public testnet of Shibarium, a layer-2 blockchain for Shiba Inu, will be launched “very soon”.
As we speak, the second version of Shibarium’s private testnet is already live and undergoing optimization.
Shiba Inu, which is an ERC-20 token atop the Ethereum blockchain, suffers from exorbitant gas fees that force new institutional and retail investors to remain on the sidelines. This is why many crypto watchers believe Shibarium will be a gamechanger for Shiba Inu as it will improve the network’s performance as well as establish SHIB as a key crypto asset.
