After having a rough year, famous memecoin Shiba Inu ($SHIB) has tried to put smiles on the faces of investors, who have solidly stood behind the crypto project amid a major price decline.
According to data on Coingecko, Shiba Inu has recorded a massive increase of 43% in the last seven days. The milestone puts the cryptocurrency as the second-biggest gainer among the top 30 largest cryptocurrencies by market capitalization within the past week.
Polygon ($MATIC) recorded the largest gain of nearly 50% within the timeframe.
Recall that Shiba Inu was trading around $0.00000808 on June 20, 2022. Interestingly, in what came as a shock to many, the cryptocurrency soared massively to eliminate a zero from its price while other digital currencies were down.
What’s Fueling SHIB’s Value?
A number of reasons were attributed to Shiba Inu’s massive rally in the last seven days; however, two factors are identified as the main catalysts that propelled the token’s price increase.
Last week, Shiba Inu announced the launch date of Shibarium’s beta testing and provided an update about its xFund.
Per the announcement, Shibarium beta testing will commence by the third quarter of 2022. Shibarium is considered an integral part of the Shiba Inu ecosystem and will contribute to its transition from a meme coin to a utility project.
The Shiba Inu team has already teased that Shibarium will have similar capabilities to Ethereum Layer-2 scaling platform Polygon.
The team is also planning to deploy all Shiba Inu’s projects, including the upcoming play-to-earn game, Shiboshi, metaverse, etc., to the blockchain when it eventually goes live.
Widespread Whale Accumulation
Meanwhile, the Shiba Inu community has been committed to cryptocurrency despite its massive collapse in value.
Members of the community did not only hold the digital currency amid the massive price decline; significant whale accumulations were recorded in the past months.
Several Shiba Inu whales always believe in cryptocurrency by adding more SHIBs at every opportunity. As reported, a mysterious Shiba Inu whale, which held over 4 trillion SHIB, added a whopping 130 billion SHIB tokens in one day.
Following Shiba Inu’s tremendous growth, the cryptocurrency has moved higher in the global cryptocurrency ranking, overtaking Tron ($TRX) in the process.
At press time, SHIB trades around $0.00001163 across various exchanges, including Binance and Coinbase.