SHIB jumps more than 33% after $3.5bn infusion in its market cap
The Shiba Inu (SHIB) meme cryptocurrency has started reversing its downward trend and gaining momentum after the infusion of around $3.5bn.
The token was today trading at $0.000027742, up a huge 22.49% in the last 24 hours and a total of 33.12% during the last seven days.
As a result of a sharp price surge, SHIB’s market capitalisation rose by approximately $3.5bn in the previous week, rising from $11.43bn on February 1 to $15.28bn on Monday February 7.
Earlier this month, however, it was reported that between January 28 and February 3 2022, SHIB lost 4,223 holding addresses, bringing its total number down to 1,161,661.
The decline brought SHIB’s almost three-month new holder gaining run to a stop.
Last week was a bit of a downturn for the whole crypto market due to a noteworthy surge in profit-taking.
The crypto correction coincided with a sharp pullback action in the stock market and Russia’s threat to outlaw cryptocurrencies.
However, this week started well after Russia’s suggested crypto ban was discarded with the news of electricity consumption spikes in Irkutsk as more and more Russians are mining.
Cryptocurrency also became legal in India, with the country’s finance minister revealing plans for a CBDC and 30% tax on crypto profits.
Meanwhile, investors seem to be getting bullish on SHIB as a recent announcement indicated that a public testnet of Shibarium, a layer-2 blockchain for Shiba Inu, will be launched “very soon”.
The second version of Shibarium’s private testnet already went live and is currently undergoing optimisation.
Many crypto watchers believe Shibarium will be a gamechanger for Shiba Inu as it will improve the network’s performance as well as establish SHIB as a key crypto asset.
Also, Shiba Inu recently revealed its plans to enter the metaverse.
The cryptocurrency recently announced on social media that it will welcome the Shiberse referring to it as an “immersive experience”.