It has been a pretty exciting run-up to the weekend for nearly all cryptocurrency markets. Positive momentum is turning slightly bearish, although the uptrend remains in place. This week has been rather promising for Shiba Inu (SHIB), thanks to some unexpected developments behind the scenes.
Shiba Inu (SHIB) Price Bounces Back
When the leading cryptocurrencies rise in value, it is a matter of time until the rest follows. Bitcoin and Ethereum have had a good run this week yet face some bearish pressure as we speak. The same applies to Shiba Inu (SHIB), which has seen a 26.5% gain in the past week. Again, an impressive run, as the weeks prior were not necessarily all that fun for SHIB holders.
Making things more interesting is the overall trading volume. Shiba Inu maintains over $600 million in daily trading volume with relative ease. Its native DEX, ShibaSwap, is far less of a contributing factor than some people may expect. Instead, Hotbit, Binance, HitBTC, and Huobi Global all contribute decent trading volume. The pairing of SHIB and USDT remains very popular, although a few extra trading pairs wouldn’t hurt either.
One has to wonder what it will take to make Shiba Inu (SHIB) return to its all-time high recorded in early May 2021. That all-time high is still 79.1%. However, SHIB is also up by 14.063.029.6% since its all-time low nine months ago. It is essential to put everything into the proper perspective in an industry where price appreciation is crucial.
What Is Going On In The SHIB World?
There are several reasons why speculators get excited about a cryptocurrency project. Speculation is the central concept, although a venture like Shiba Inu (SHIB) can bring other aspects to the table. Several interesting things happen behind the scenes lately, although it remains to be seen how all of this will impact the broader ecosystem in the coming weeks and months.
Shiba Inu NFTs Arrive On OpenSea
It is good to see community members create non-fungible tokens to support their favorite cryptocurrency. In some cases, that process will work better than others. For Shiba Inu, there is now a KriptoKards Shiba NFT Card Collection on OpenSea. A total of 25 of each card will exist, with the first six given away for free. Whether these NFTs are worth paying for is different, but it is an interesting concept regardless.
Delay In ShibaSwap Rewards
One of the recent developments regarding Shiba Inu (SHIB) raises many questions. The developers have confirmed there will be no weekly rewards for ShibaSwap users. This is because one of the developers has to deal with a medical emergency.
#ShibArmy A message from the Devs regarding #ShibaSwap rewards has appeared in the official @Shibtoken discord.
Posting screenshots.
Prayers and strength to the Dev team member dealing with an unforeseen medical emergency. pic.twitter.com/mQqa6lteTm
— MILKSHAKE (@shibainuart) August 13, 2021
However, these rewards should be calculated automatically and not manually. Using that as an ‘excuse’ does not go over well with various community members.
eToro Supports SHIB
This week, one of the bigger developments is how Shiba Inu (SHIB) got accepted as a currency on eToro. The company is an interesting decision, as they usually take much longer to enable support for alternative currencies. However, the viral aspect of SHIB is a contributing factor to this development. eToro wants to capitalize on the momentum behind this currency, which is understandable.
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