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Shiba Inu: The Rising Star of the Crypto Market

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On Monday morning in Asia, Bitcoin experienced a slight dip, while Ether and most other top 10 non-stablecoin cryptocurrencies remained relatively stable. Dogecoin, saw a significant decrease in value. 

In contrast, Shiba Inu, another dog-themed memecoin, experienced a surge in anticipation of its upcoming layer-2 network launch. Meanwhile, risk sentiment in U.S. equities improved as traders evaluated the latest inflation data and investors eagerly awaited the release of numerous earnings reports throughout the week.

Monday’s Crypto Market Trend Remained Without Sudden Changes 

In the last 24 hours, Bitcoin experienced a slight dip of 0.10%, bringing its value to $29,375.75 as of 5:45 a.m. in Hong Kong. However, over the course of the week, the world’s largest cryptocurrency saw an increase of 0.96%, according to data from CoinMarketCap. Throughout the weekend, Bitcoin’s value remained relatively stable, hovering around the same price level.

Meanwhile, Ether saw a slight increase of 0.11%, bringing its value to $1,849.50 and resulting in a weekly gain of 1.00%. Despite these fluctuations, analysts are predicting a market upswing in anticipation of upcoming rulings on various U.S. applications for spot Bitcoin exchange-traded funds (ETFs).

Monday's Crypto Market Trend Remained Without Sudden Changes 

On Monday morning, most of the top 10 non-stablecoin cryptocurrencies remained relatively unchanged, with the exception of the memecoins Dogecoin and Shiba Inu. Dogecoin experienced a decrease of 2.11%, bringing its value to $0.07524 and resulting in a weekly loss of 0.25%. 

In contrast, the Shiba Inu memecoin briefly entered CoinMarketCap’s top 10 cryptocurrency list over the weekend, pushing Polkadot’s DOT down to eleventh place in terms of market capitalization. However, Shiba Inu then saw a decrease of 3.01% over the past 24 hours, bringing its value to $0.00001042, but it still recorded a weekly gain of 11%.

The team behind the Shiba Inu cryptocurrency plans to release a layer-2 network called Shibarium soon. According to a blog post published by Shiba Inu on August 6th, this update is intended to enhance user security by implementing self-sovereign identity (SSI) protocols.

Meanwhile, the total crypto market capitalization increased by 0.09% over the past 24 hours, reaching $1.17 trillion. Trading volume also increased by 7.08%, reaching $17.82 billion.

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