Shiba Inu Climbs 18% SHIB Among Top 3 Best-Performing Cryptocurrencies

The popular dog-themed coin Shiba Inu is currently one

of the strongest performers among the top 100 crypto projects. SHIB is the third-best performing project, trailing only Rocket Pool (RPL) and Casper Network (CSPR).

SHIB has gained up to 18% in the last 24 hours. Furthermore, the token is up 33% in the weekly charts. Shiba Inu is getting closer to breaking through its pre-FTX collapse highs.

Furthermore, large whale purchases have assisted SHIB's recent surge. Shiba Inu is now the third most-held cryptocurrency by dollar value among the top 100 Ethereum whales, as per Whalestats statistics.

In addition, SHIB is the most traded and one of the top 500 Ethereum whales' most purchased tokens.

Shiba Inu's share of whale holdings has also increased dramatically. SHIB accounted for less than 5% of whale holdings after the FTX collapse. However, the token now accounts for more than 18% of the total.

Is Shibarium hype propelling SHIB to new heights?

Whether you like it or not, the Shibarium buzz is real. The current rise, which included whale backing, is most likely due to the upcoming launch of SHIB's layer-2 network. As per a recent blog, the Shibarium testnet is nearly finished and will be live soon.

SHIB's layer-2 is one of the year's most anticipated releases. However, Shibarium has the potential to change things for SHIB. The network's goal is to improve transaction speeds while lowering gas prices. The governing token for the new network will be SHIB's offspring token BONE.

At the time of publication, Shiba Inu (SHIB) was trading at $0.00001238, up 1.9% in the last two hours.

Also read: Coinbase Stops Japan Operations Amid Difficult Market Conditions