SHIB, once a dull coin is now at 11th rank, by market capitalization, and has broken above the $6 billion level, affirming its claims of being something more significant than just memes. Not only that the market value of SHIB has jumped nearly 32%. With an open interest doubling to $101.65 million, which is the highest since Feb,5.
Shib Price Analysis
The market cap of SHIB has reached $6,388,003,624 with a trading volume of $593,528,650 as per the market reports. Investors are pouring money into the meme-focussed cryptocurrency. It is worth noting that the dog-themed coin has seen a rise of 8.15% in just 24 hours.
Moreover, the coin has moved up by almost 20% in the last week, showcasing substantial progress. It is inching closer to $1 value and currently trading at $0.00001083. There had been media reports earlier of SHIB witnessing investors’ inflow of 1,194% with whales stocking up on Shiba Inu.
Layer-2 Security to Remove the Meme-Coin Tag?
What next? Mark August 15-16 the upcoming “The Summer of Shibarium” is due to launch during the Blockchain Futurist Conference in Toronto, Canada. The expectations are high with Shibarium as a layer-2 security and investors are hopeful that the event will take away its meme coin tag. These positive changes ahead of the event are really significant as SHIB will be among the major sponsors of the event.
Its pseudonymous leader Shytoshi Kusama will also be delivering a speech at the event using AI technology to mask his identity. Shibarium is a much-awaited Layer-2 solution and according to Kasuma, three fresh “partnerships” are lined up, one of which is already signed. These will witness an inflow of valuable experts as announced by Shytoshi in a Telegram message. The other two partnerships are also expected to be announced soon.
Kasuma Taking a Jab at Elon Musk?
As per Kasuma, SHIB and Shibarium are the biggest things in the blockchain world, and copying this is not going to be a successful attempt in a lifetime. Recently he also made a statement sounding like “SHIB>X” which sounded like a jab at Elon Musk’s social media app. However, Kasuma cleared the air with his explanation that it had nothing to do with the X and he was just warning everyone against copying Shibarium.
