Why Shiba Inu Is Thumping the Broader Crypto Market Today
Since late afternoon yesterday, the price of meme token Shiba Inu (CRYPTO: SHIB) traded 16.5% higher as of 10:25 a.m. ET today, which is soundly ahead of the broader crypto market this morning. Investors are very excited about the launch of Shibarium.
Shiba Inu was launched as a joke and essentially a spinoff of Dogecoin, utilizing Dogecoin's mascot, the Shiba Inu canine, to generate buzz. The plan has by and large worked well, with Shiba Inu rising to a nearly $7.3 billion market cap.
But as an ERC-20 token running on Ethereum's network, Shiba Inu didn't really have much to offer from a unique technical or utility perspective. That could be about to change with the upcoming launch of Shibarium, which is a Layer 2 protocol that will essentially sit on top of Ethereum and act more like Shiba Inu's own network.
Source Fool.com
