Why Shiba Inu Beat The Crypto Market This Weekend

[ad_1]

What happened

Since 4 p.m. ET on Friday, everyone’s favorite meme token, Shiba Inu (SHIB -0.21%), has surged 16.5% at 11 a.m. ET. Another big move over the weekend comes on the heels of a rather incredible January, in which this cryptocurrency rose over 40%.

Today’s move appears to be related to the news that BONE, a token intended for use on ShibaSwap that can be used to pay gas fees on Shiba Inu Shibarium’s Layer 2 network, has been listed. on the Bitget crypto exchange. This token will allow investors to vote on governance proposals and pay fees.

While the community awaits a decision from Binance on whether BONE will be listed, this is certainly a step in the right direction for the Shiba Inu team in terms of generating interest around upcoming network updates.

So what

When it comes to meme tokens, Shiba Inu’s relative outperformance this year is notable. After hitting record highs against the same rival token Dogecoin, SHIB’s impressive year-to-date rally of around 65% at the time of this writing has once again narrowed the gap between these two tokens. .

This recent BONE listing on a crypto exchange is great, but investors will clearly want to see more adoption of this token on other key exchanges before this network launches. That said, this news had a significant effect on Shiba Inu price momentum, with speculators clearly betting that more upside could be on the horizon.

Now what

This upcoming Shibarium update could definitely provide significant utility to end users. Investors will want to keep a close eye on key metrics such as trading volumes and development activity on Shibarium post-launch. For now, this is the kind of hype-driven catalyst that could drive a continued rally in this high-beta token.

Chris MacDonald has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.

[ad_2]