Shiba Inu is hoping to become more than just a Dogecoin-inspired meme cryptocurrency as it comes closer to launching its layer-2 network called Shibarium. Meanwhile, the SHIB token has emerged as one of the best-performers so far in 2023.
SHIB price jumps 60% in 2023
SHIB’s price has rallied nearly 60% year-to-date (YTD) to $0.00001294, its highest since early November 2022.
SHIB/USDT daily price chart. Source: TradingView
The gains started appearing mainly due to favorable macro conditions that prompted similar rallies elsewhere in the crypto market. Nonetheless, the Shiba Inu price rally picked up momentum as investors assessed its announcement of the upcoming beta release of Shibarium.
Shibarium is reportedly a layer-2 network that would run atop the Ethereum blockchain mainnet. In other words, it would enable developers to build and launch
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