Shiba Inu’s SHIB token performed better than the top ten cryptocurrencies in the last seven days, as the digital asset gained 20%. The SHIB community is anticipating the launch of Shibarium, a layer2 network.
Shiba Inu increased 8.9% in the last 24 hours to $0.00001107 as of press time, continuing a price rally that started earlier this month.
Why SHIB Price is Rising
Shiba Inu’s recent rally can be attributed to the expected launch of its Shibarium layer-2 network. Last month, the lead developer for the project Shytoshi Kusama said the layer2 network would likely be launched this month.
One of the key partners leading Shibarium development, NOWNodes, has started the countdown to the launch of Shibarium. Although it did not specify the number of days left, it stated that the only stage left was the release of the final version of the mainnet.
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Blockchain analytical firm Kaiko noted that Shiba Inu surged more than 25% since July 1 following a wave of developer activity on the network.
SHIB’s Price Performance. Source: Kaiko
Meanwhile, other announcements have fueled the rally, including a recent “SoonTM” tweet by Shibtoken’s official X account. The tweet fueled speculations about what the Shiba Inu team might have planned.
Kusama also teased three new partnerships the Shiba Inu project has secured. He said the deals have already been signed, with only announcements remaining. Another cryptic statement from Kusama that Shib > X has also led to more speculations.
Other Shiba Inu-related tokens like BONE, LEASH, and others also recorded gains. According to BeInCrypto data, LEASH is up 13.3% during the last seven days, while BONE is up 4.3% today.
Top 10 Assets Trade Flat
While Shiba Inu-related tokens’ performance might seem surprising, the generally muted levels of the crypto market allowed the memecoin to shine. Among the top 10 cryptocurrencies by market, only Solana’s SOL recorded a significant increase of 7.6%.
Bitcoin Price Performance. Source: BeInCrypto
Other cryptocurrencies like Bitcoin, Ethereum, and others gained less than 2%. Some, like BNB, even saw a slight drop in its value.
The performance for the top 100 cryptocurrencies was not much better. Only Rollbit Coin RLB performed better than Shiba Inu, soaring by 66% during the past week.
