u.today
Shiba Inu (SHIB) has been in bullish recovery mode for more than 24 hours. Surprisingly, the token’s whales have shifted as much as 1.5 trillion SHIB in the past 24 hours in hopes of sustaining a generally boosted uptick. At the time of writing, SHIB was changing hands for $0.00002544, up by 2.56% per data from CoinMarketCap.
The meme coin project is now looking at making a reentry into the top 10 coins by market capitalization if it could sustain its growth pace. With the current data, the market capitalization is up by more than 2% to $14,943,256,400, placing it as the 11th largest coin.
What now stands in between Shiba Inu and the elite ranking is Cardano (ADA). Cardano is currently valued at $16,808,756,296. While the gap between both protocols is still significant, Shiba Inu has a higher growth rate which, if sustained, might help fast-track its ranking bid.
Shiba Inu has retested all major odds in recent times. It has managed to grow from its weekly low of $0.000023 to a high price of $0.000028 before cresting at its current price spot.
Shiba Inu's push for enhanced performance
Besides the move to retest the top 10 coin ranking, Shiba Inu has more pressing ambitions up its sleeves. The meme coin announced recently that it plans to implement a hard fork for Shibarium, its layer-2 scaling solution. This major upgrade is slated to go live on the mainnet on May 20.
It remains unclear how the hard fork will impact the deflationary push of SHIB; however, the core developers have emphasized how the hard fork will help bolster block processing times. Additionally, the unstable fee structure during high traffic times will also be resolved.
Shiba Inu’s hard fork proponents are optimistic that this upgrade will boost efficiency and drive demand that will be beneficial for SHIB in the long term.