The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has moved up nearly 60% amid a wider cryptocurrency market rally that saw the price of the flagship cryptocurrency bitcoin surpass its 50-day moving average, and ahead of the launch of Shibarium’s testnet.

According to CryptoCompare data, SHIB is up nearly 60% over the last five days and up 20% in the last 24-hour period. The cryptocurrency is currently trading at $0.0000336, significantly below its $0.00008 all-time high seen last year.

SHIBUSDT Chart via TradingView

The meme-inspired cryptocurrency was launched in August 2020 as memecoins’ popularity exploded and saw its value go up by about 80,000 times last year, making it one of the best performing cryptoassets of 2021. Other meme coins including DOGE and FLOKI also saw their values rise last year.

SHIB’s price was affected by a wider market sell-off last month, as investors moved away from risk assets over the prospect of aggressive monetary tightening by the U.S. Federal Reserve. The community behind SHIB has, nevertheless, kept on supporting the project.

Earlier this month Shytoshi Kusama, the cryptocurrency’s community leader, announced that Shiba Inu was partnering with a burger restaurant with one physical outlet in Italy, Welly’s, to launch what was described as the “first and only SHIB themed restaurant powered by the community.”

As part of the deal, Welly’s will integrate NFTs and Shba Inu’s blockchain into its business, while SHIB will handle payments for Welly’s. The community supported the project to such an extent it’s now welcoming new franchisers.

The meme-inspired cryptocurrency has also seen Singapore-based blockchain solutions provider Unification, a company that has worked with firms like Google and Amazon, announce it has been working with the Shiba Inu community to develop Shibarium.

Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.” Unification is planning on launching a public testnet for the network “very soon” according to its announcement.

As CryptoGlobe reported, popular commission-free trading platform Robinhood revealed earlier it’s set to wait for regulatory clarity before listing new cryptocurrencies, including the meme-inspired cryptocurrency, which over half a million users asked for.


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Featured image via Pixabay