The dog-themed crypto asset Shiba Inu (SHIB) is surging amid a steady stream of hype on the project’s plans to create its own ecosystem.
SHIB is up 21% in the last 24-hours and up 55% in the last two weeks as developers tease the Shibarium protocol.
The protocol will be a layer-2 network built on top of Ethereum, similar to Polygon, Arbitrum and Optimism.
Developers have been tight-lipped on the project’s launch date, but promise the beta version will be up and running soon.
Earlier this month, developers announced the Shibarium blockchain will utilize Bone ShibaSwap (BONE) as the sole token for paying gas fees, triggering a rally in the utility token’s price.
Bone ShibaSwap is up 88% over the past 30 days while Shiba Inu has appreciated by 48% during the same period.
WhaleStats says the 16th-largest digital asset by market cap is now the most popular crypto among the top 1,000 Ethereum whales behind ETH and stablecoins Tether (USDT) and USD Coin (USDC).
According to WhaleStats, the top 1,000 Ethereum whales currently hold over $161.8 million worth of SHIB.
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