Shiba Inu is back on an upward trend – supported by very important factors

Shiba Inu

Shiba Inu (SHIB), is growing significantly and temporarily leapfrogs Litecoin (LTC) and Polkadot (DOT), achieving the 12th place in the ranking of coins with the highest market capitalization. The reason for this is new information about Shibarium, but not only that.

New facts about Shibarium

Shiba Inu is up 22.0% in one day (almost 60.0% since the beginning of the year). The reasons for this movement can be attributed to two key factors. The first and main one is the update of information on the Shibarium. Recall that we are talking about a second layer solution for the Shiba Inu network, which is designed to relieve the token of the burdens it faces, using the Ethereum blockchain. One of them, for example, is high transfer fees.

A few days ago, the Shiba Inu team unveiled the latest plans for the much-maligned project and assured that the launch of beta testing is imminent. In addition, a new portal for SHIB burning is to be developed along with Shibarium. It will aim to burn tokens from paid fees made online. Details of the further implementation of NFT solutions were also presented. Importantly, the test version of Shibarium will be private. Users, for using it, can receive BONE tokens. These will be necessary for conducting transactions in Beta Shibarium.

UpBit lists Shiba Inu versus Korean Won

Another inflammatory factor, which may, moreover, have an even greater impact on the SHIB price jump, is the listing that took place on the Korean exchange UpBit. The platform decided to list Shiba Inu against the local currency. Noteworthy, it was during Asian trading hours that the token experienced its strongest bounce. As a result, in the rankings of cryptocurrencies, Shiba Inu (SHIB) was able to leapfrog Litecoin (LTC) and Polkadot (DOT), achieving 12th place. With trading still in effect, causing the SHIB price to gently retreat, there is a constant swap in that position. All of the aforementioned coins record their capitalization in the range between $6.3 and $7.1 billion.

Shiba Inu on the chart

Looking at the chart of SHiba Inu, we see an attempt to overcome two key resistances. One is the diagonal trend line, while the other is the price level of $0.000012. On the lower intervals, it was successful in testing the latter area. However, in order to talk about a possible continuation of growth, the same event needs to be observed on the daily chart. For the time being, volume favors such a scenario.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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