Shiba Inu Extends Rally For Second Straight Day — Here's What's Going On With The Meme Coin

by Shanthi Rexaline, Benzinga Editor
July 29, 2023 10:05 AM | 2 min read | Make a Comment
Zinger Key Points
  • The Shibarium beta bridge went live for public testing Friday, and an official launch is expected in August.
  • Despite the upward bounce seen since Friday, the meme coin is well off its all-time high of $0.00008848 reached in Oct. 2021.

Shiba Inu SHIB/USD is seeing a sharp spike early Saturday, outperforming several of its bigger cryptocurrency counterparts.

The Shiba Inu Price Action: Shiba Inu, the dog-themed meme crypto, has been consolidating around the $0.0000076-$0.0000081range since mid-July. The crypto broke out of the range on Friday and hit an intra-day high of $0.000008407 before pulling back and settling at $0.000008197.

The crypto resumed the rally Saturday and rose to a high of $0.00000839.

At last check, SHIB was trading up 2.08% at $0.000008286, according to Benzinga Pro data.

The upside assumes more credibility due to a spike in volume and market cap. The volume rose about 332% to $261.89 million and market-cap rose 5.81% to $4.89 billion.

See Also: How To Buy Shiba Inu (SHIB) On Robinhood

What's Driving The Rally: The Shibarium beta bridge went live for public testing Friday, its developer tweeted. The Shibarium beta bridge is the bridge between the soon-to-be-launched Shiba Inu-based layer 2 blockchain Shibarium and Ethereum ETH/USD.

The public beta testing will allow users to transfer tokens between the two networks.

The Shibarium Layer-2 mainnet is scheduled to be launched during the ETHToronot conference. Layer 2 refers to a set of separate blockchains built on top of layer 1, helping to reduce bottlenecks with scaling and data.

While announcing the public availability of beta testing, the developer, who goes by the Twitter handle @LucieSHIB, recommended exercising caution and verifying authenticity before connecting the wallet to any website. "Please do not use your real assets! Only faucets," they said.

Read Next: Here’s How Much A $1,000 Investment In Shiba Inu Now Could Be Worth If The Meme Coin Returns To Record Highs

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