Shiba Inu Reclaims 14th Spot In Market After 5% Jump

After a rough few months of slipping down the ranks, Shiba Inu is back in the top 15 cryptocurrencies by market cap. In the last 24 hours, the price of Shiba Inu has spiked in excess of 5%, allowing it to overtake cryptocurrencies like Wrapped Bitcoin and Bitcoin Cash to reach the 14th spot with a market cap of $4.8 billion.

Shiba Inu Jumps 5% In 24 Hours, Reclaiming 14th Spot

The price of the majority of cryptocurrencies seems to be plateauing in the past week, with some even losing some of their market cap. However, meme coins like Shiba Inu and Dogecoin seem to be doing slightly well, with DOGE leading the pack with a 7.02% gain in the past seven days. 

In the case of Shiba Inu (SHIB), the altcoin has found a bit of momentum, amassing an increase of 293.16% in trading volume in the past 24 hours. 

As usual with volatile meme coins, it’s hard to pin down an exact catalyst of the spike. However, the price jump seems to have come after Shiba Inu’s developers announced the release of a testnet bridge between Shibarium and Ethereum.

Shibarium to Ethereum Testnet Bridge Pushes SHIB’s Price by 5%

Shiba Inu has come a long way since its creation as a meme coin made just to challenge the popular Dogecoin (DOGE). However, the Shiba Inu ecosystem now has a lot of following, investors, developers, and an active community. 

Shiba Inu developers are now working on a Layer-2 upgrade with the aim of developing the ecosystem and becoming a serious blockchain contender. The network, which will operate on top of Ethereum, is called Shibarium and was announced earlier in March. When Shibarium is launched, it is expected to help minimize costs and increase transaction speeds.