Shiba Inu Soars 4% as Upgrades and Partnerships Strengthen Its Position

• Shiba Inu (SHIB) has performed well in the last 24 hours, rising nearly 4%.
• SHIB was created in 2021, eight years after the original meme currency Dogecoin.
• Shibarium, a layer-2 blockchain set to function on Ethereum mainnet, will be a key upgrade for SHIB.

The crypto market has been on a roller-coaster ride in the last few weeks, and one of the beneficiaries of the bull run has been Shiba Inu (SHIB). The Dogecoin killer, as it is popularly known, has managed to surge nearly 4% in the last 24 hours, and is currently trading at $0.00001198.

Created in 2021, Shiba Inu is a meme currency that was intended to provide users with maximum rewards for the content they create. It is an alternative to Dogecoin, which was created in 2013, and has a much larger market capitalization of $9 billion compared to Shiba Inu’s 1 quadrillion tokens. Despite its much smaller market cap, Shiba Inu has managed to gain a lot of attention from the crypto community in a short span of time.

The currency is currently undergoing several upgrades, one of the most important of which is Shibarium. This layer-2 blockchain will function on Ethereum’s mainnet, and is expected to have a significant impact on the performance of Shiba Inu. The update is expected to improve the speed and scalability of the Shiba Inu network, allowing it to handle more transactions in less time. Additionally, Shibarium is being developed to be compatible with other blockchains, which will open up new use cases and opportunities for the currency.

Apart from the upgrade, Shiba Inu is also strengthening its position in the crypto space with new partnerships and projects. The currency has recently partnered with Curve, a decentralized finance (DeFi) platform, to launch a new asset-backed token, SHIB-CRV. This token will be pegged to the value of Shiba Inu, and will offer holders the benefits of both DeFi and yield farming.

Although Dogecoin is currently the king of the meme currencies, Shiba Inu is quickly catching up. With the ongoing network updates, increasing partnerships and new projects, Shiba Inu holds the potential to overtake Dogecoin in the coming weeks. It remains to be seen whether the currency will be able to fulfill its promise and make its presence felt in the crypto space.

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