Shiba Inu, the second famous dog-themed coin, has been in a class of its own. Its popularity has been phenomenal. While the canine-themed project attracted the attention of the cryptocurrency community two years ago, it has spawned additional tokens and utilities.
Despite enormous market relief, the SHIB token gained ground in the previous week. However, it lost more than 18% within the last two weeks. The popular memecoin was trading at 0.00001197 as of this writing.
It’s important to note that BONE, the newly launched SHIB token, has made an outstanding profit over the last week. The token surged high by 193.3% in the previous 30-days and 124.1% in the last seven days.
The increase occurred just after BONE’s listing on BlueBit. In addition, BONE will be significant in the upcoming Shibarium layer-2. On Shiba Inu’s L2, BONE will be utilised as validators.
The crypto markets’ poor performance appears to follow the Federal Reserve’s announcement that interest rates will be increased more to curb inflation. Even though the US reported a lower CPI number this month than in prior months, the FED managed to maintain its stance.
Shiba Inu Thrives as Exchange Listing Is Fast Growing
Irrespective of SHIB’s current downtrend, exchanges appear eager to list the coin.
A BNB platform named OKSE was the most recent exchange to list SHIB. OKSE’s Visa card can be used to make payment transactions in more than 170 countries.
LBank recently added BONE to its platform. With Shibarium just around the corner, BONE’s utility within the forthcoming network has taken centre stage.
A blog was also released by NOWPayments outlining how businesses can utilise the platform to accept Shiba Inu.
Shiba Inu has many new projects coming out later this year. First, the project released a collectible card game for beta testing in Vietnam. Based on online comments, the game is going great. SHIB will also launch two new tokens: Shi, a stablecoin, and TREAT, a reward token.
In addition, utilities are being added to the SHIB ecosystem, which may result in the popular coin losing its ‘memecoin’ moniker.