SHIB soars 28% in a week driving market cap to $5 billion

Shiba Inu (SHIB), widely recognized as the second-largest meme coin within the cryptocurrency ecosystem, has commenced its journey towards price recovery, in line with the broader surge experienced across the crypto market.

The recent resurgence can be attributed to the successful completion of 20 million transactions on Puppynet, the testnet for SHIB’s Layer 2 scaling solution. Over the course of the past 24 hours, the meme coin has witnessed a remarkable 14% increase, further bolstered by an additional surge of 28% throughout the previous week.

As of now, SHIB is being traded at $0.000008408, achieving a market capitalization of $4.96 billion on June 22. This notable growth has resulted in an impressive $1 billion increment to SHIB’s market cap within the span of just one week, considering its value stood at $3.87 billion on June 15.

Shibarium upgrade

One of the key factors contributing to Shiba Inu’s recovery is the achievement of a crucial milestone by Shibarium, the Layer 2 scaling solution’s testnet. This achievement led to the reset of the testnet, sparking renewed interest and optimism in the SHIB community.

In a highly bullish development for SHIB, the explorer Puppynet underwent a reset following its successful facilitation of over 20 million transactions. This significant milestone served as a catalyst, propelling the price of the meme coin to higher levels since the event took place on June 19.

Elsewhere, in a recent Telegram chat, Shytoshi Kusama, the lead developer of Shiba Inu, not only fueled optimism but also addressed concerns raised within the community. During the chat, a Shibarium admin inquired about updates regarding the LEASH token. 

Kusama’s response exuded unwavering confidence and determination, leaving no room for doubt. He stated, “Incoming. All incoming. I’m not playing around. We finish strong.”

Meanwhile, in a blog post on June 21, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ecosystem, provided an exciting teaser to the Shib Army that “Shibarium is next.” Kusama hinted that the next milestone in the Shiba Inu journey would be Shibarium, a development that has been eagerly anticipated by the community.

With a confident tone, Kusama claimed victory over FUD (fears, uncertainties, and doubts) that may have impacted the project. This declaration reflects a strong belief in the resilience and potential of the Shiba Inu ecosystem and that it will “finish stronger.”

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