For more than twenty-four hours, Shiba Inu (SHIB) has been in a bullish recovery phase. Unexpectedly, the whales holding the token have moved up to 1.5 trillion SHIB in the last day in an attempt to maintain the usually higher rise. SHIB was trading at $0.00002544 at the time of writing, up 2.56% according to CoinMarketCap data.
If the meme coin project can maintain its current growth rate, it plans to reenter the top 10 cryptocurrencies by market valuation. As of right now, the market capitalization has increased by almost 2% to $14,943,256,400, making it the eleventh biggest cryptocurrency.
Cardano (ADA) is currently what separates Shiba Inu from the elite ranks. At the moment, Cardano is worth $16,808,756,296. Shiba Inu has a faster growth rate than the other protocol, which might expedite its ranking bid if it continues, even if the difference between the two protocols is still rather large.
In recent days, Shiba Inu has retested all significant odds. Before peaking at its current price, it was able to rise from its weekly low of $0.000023 to a high of $0.000028.
Shiba Inu’s push for enhanced performance
Shiba Inu has more urgent goals in mind than just trying to rank among the top 10 coins once again. The meme currency has declared its intention to execute a hard fork for its layer-2 scaling solution, Shibarium. On May 20, this significant update is expected to launch on the mainnet.
The core developers have stressed how the hard fork would assist strengthen block processing times, but it is yet unclear how this will affect SHIB’s deflationary push. Furthermore, a resolution will be found for the pricing structure that is unstable during periods of heavy traffic.
Supporters of the hard fork in Shiba Inu are hopeful that this improvement would increase productivity and stimulate demand, both of which will be long-term advantages for SHIB.
