Shiba Inu Extends Rally For Second Straight Day — Here's What's Going On With The Meme Coin
Portfolio Pulse from Shanthi Rexaline
Shiba Inu (CRYPTO: SHIB) has seen a sharp spike, outperforming several of its bigger cryptocurrency counterparts. The rally is driven by the public testing of the Shibarium beta bridge, which is the bridge between the soon-to-be-launched Shiba Inu-based layer 2 blockchain Shibarium and Ethereum (CRYPTO: ETH). The volume rose about 332% to $261.89 million and market-cap rose 5.81% to $4.89 billion.
July 29, 2023 | 2:05 pm
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NEUTRAL IMPACT
Ethereum (CRYPTO: ETH) is indirectly impacted by the rally of Shiba Inu due to the launch of the Shibarium beta bridge, which connects the two networks.
The Shibarium beta bridge connects the Shiba Inu-based layer 2 blockchain Shibarium and Ethereum, potentially increasing the utility and demand for Ethereum. However, the direct impact on Ethereum's price is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Shiba Inu (CRYPTO: SHIB) has seen a sharp spike, driven by the public testing of the Shibarium beta bridge. The volume rose about 332% to $261.89 million and market-cap rose 5.81% to $4.89 billion.
The launch of the Shibarium beta bridge, which connects the Shiba Inu-based layer 2 blockchain Shibarium and Ethereum, has driven a rally in Shiba Inu. This has resulted in a significant increase in volume and market cap.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100