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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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
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