The Crypto Market Is Down, but Shiba Inu Is Surging Today
Today's price action in the broader cryptocurrency market isn't very surprising. In aggregate, the value of all digital tokens has declined by 1% over the past 24 hours, as of 12:45 p.m. ET. However, over the same time frame, meme token Shiba Inu (CRYPTO: SHIB) has appreciated around 5.5%. For speculators and those playing momentum, this move is quite surprising.
Today's increase appears to be tied to the expected launch of the Shibarium Public beta later this week. Shibarium is a Layer 2 solution aimed at providing improved scalability as well as more affordable and cheaper transactions for Shiba Inu owners.
It's worth noting that this beta launch appears to be only for testing purposes, meaning commercial transactions might not happen for a while yet. According to a company Twitter post, more data on how users can access the beta website will be shared in the coming days. Thus, there's little detail on what exactly users can expect.
Source Fool.com
