Although it is difficult to predict the exact reason for Shiba Inu’s (SHIB) price rise today, certain positive developments over the past few weeks may have contributed to its upward price momentum.
The Shiba Inu (SHIB) token price surged more than 34 per cent on Monday and is currently the most trending digital asset on the crypto information aggregator coinmarketcap.com.
The SHIB token touched a high of $0.00001774 on Monday morning. Although the exact reason for its price rally is difficult to guess, it could be due to several positive developments concerning the crypto.
The SHIB ecosystem was expected to undergo several positive changes in the coming days.
Shibarium Layer 2 Blockchain
The Shiba Inu token is hosted on the Ethereum (ETH) blockchain. The cost of transactions on applications hosted on the Ethereum Blockchain generally go up when the gas or transaction fees rise, which happens when too many transactions occur at a given time that clogs the network.
SHIB faced this issue when they launched their non-fungible token (NFT) last year and gas fees jumped as high as $800 for each transaction at one point.
To overcome this issue, a new layer 2 blockchain called Shibarium would possibly be launched by Q3, 2022, as per developer group Unification foundation.
“The Shibarium Public Beta TestNet is planned for deployment in Q3, to coincide with the FUND TestNet upgrade, which includes the much anticipated IBC/Gravity/wFUND updates. The public Beta TestNet will allow parties to fully interact with the network, including the validation process,” read a post by Unification Foundation.
Yeah I lost $1500 in gas fees and didn’t get anything… Awesome— CraigofDefi (@craigofcrypto) October 14, 2021
Binance EU Debit Card Now Supports SHIB
Binance (BNB) has a crypto VISA debit card, which is also supported by Google Pay and Samsung Pay and has no sign up, annual, and card issuing fees. The “Binance Card enables real-time conversion of cryptocurrency to EUR currency when you make your transaction. EUR can also be spent directly from your Funding Wallet,” an FAQ from Binance website read.
Two weeks ago, SHIB partnered with Binance to enable support for its token on the Binance card. Hence, SHIB can now be used for payments in select European countries, with the facility to earn eight per cent BNB cash back and zero forex or other charges.
We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.— Shib (@Shibtoken) August 5, 2022
You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0 pic.twitter.com/FqINtnHFWx
US Senate Candidate Is SHIB Token Holder
Shannon Bray, North Carolina Senate 2022 candidate, tweeted: “Do you think $shib will break the 0.00001770 this evening? I do and I think the overseas market is going to run with it. This tweet will either age well in 24 hour or flop, but my money is on the #shibarmy. Oh, and the volume is going to push this up tonight!”
It is speculated that his tweet last night may have pushed the SHIB price higher. He also tweeted that the SHIB’s 24-hour trading volume has been excellent.
“#shib 24h volume. It's probably nothing to you but since I was holding some $ shib, it's been an excellent day. The growth of the #shibarmy goes almost 4 digits in 24 hours at 976%. That's not bad. LOL,” read his Tweet.
Apart from this, he re-tweeted about BlueBit.io, a crypto exchange headquartered in St Vincent and Grenadines, which listed Shiba Inu and created a graphical video about SHIB’s highlights.
New Shiba Inu Game
Two weeks ago, SHIB hinted that it plans to launch a new game titled ‘Shiba Eternity’. This game will be available for both Android and iOS devices and was developed by Australia-based game developer, Playside Studios.