Shiba Inu: Here’s How the Popular Pet Coin is Doing

Paigambar Mohan Raj
Source: K9 Web

The popularity of Shiba Inu (SHIB) is quite unparalleled. The canine-themed crypto project took space by storm in its two short years of existence. Not only that, the project has birthed other tokens and utilities to go along with its continued growth.

The popular crypto made some gains in the previous week amid a larger market relief. However, the gains were short-lived as the markets were once again in a downward trend. Shiba Inu has lost 18.1% in the last two weeks. Moreover, it has been down by 7.4% in the last seven days. At press time, the popular dog coin was trading at $0.00001210.

However, on the other hand, SHIB’s offspring token, BONE, made big gains over the last week. The tokens are up by 193.3% in the last 30-days and by 124.1% in the last seven days.

Source: Coingecko

The spike came in after BONE’s listing on BlueBit. Furthermore, BONE will play a significant role in the upcoming Shibarium layer-2. BONE will be used for validators on Shiba Inu’s L2.

The lackluster performance of the crypto markets follows the Federal Reserve’s announcement to continue raising interest rates to battle inflation. Although the US reported a lower CPI number this time than in previous months, the FED continues its stance.

Exchanges still can’t wait to get Shiba Inu and BONE?

Regardless of SHIB’s downward performance at the moment, exchanges cannot seem to wait to list the coin.

The latest to list SHIB was OKSE, a BNB-based platform. Users can use OKSE’s Visa card to make payments in over 170 countries.

LBank recently listed BONE on its platform. With Shibarium right around the corner, BONE has taken center stage with its utility within the upcoming network.

NOWPayments also published a new blog outlining how businesses can use the platform to accept Shiba Inu.

Apart from the listings, Shiba Inu has a host of launches this year. The project has released its collectible card game in Vietnam for beta testing. From online chatter, the game seems to be doing very well. SHIB will also birth two additional tokens; a stablecoin called Shi and a reward token called TREAT. With so much utility coming to the SHIB ecosystem, the popular coin is close to losing its “memecoin” tag.