The value of Shiba Inu coins has increased lately, as they have had a difficult start to the year. The crypto market lost $1 trillion in value in only a week in January. Fortunately, Shiba Inu escalated 12% a week ago, hitting the top spot over Ethereum and Bitcoin.
As of writing, Shiba Inu is in 13th position with a market cap of $17.9 billion. As per Ishan Arora, a Tykhe Block Ventures partner, “Bitcoin and Ethereum both bouncing off the lows have again given investors’ confidence in other coins such as Shiba Inu, which have also bounced off weeks of a downtrend.”
What’s the SHIB value right now?
From the time of writing, 1 SHIBA is valued at $0.000031 in USD, according to Coin Market Cap. The coin has a circulating supply of roughly 549,063,278,876,302 SHIB coins. Currently, the value is slowly rising, with a 12% gain in the last 24 hours, only falling by 3.43% over the previous week.
Expert traders are not surprised by Shiba’s recent growth, as they’re confident that this is an inevitable long-term move.
Stay tuned for more updated news on the coin’s price.
The cause of SHIB recovery
Unification, a blockchain solution provider located in Singapore who recently collaborated with Google and Amazon, finally announced their partnership with the Shiba Inu community last February 5.
It has been known that Unification is the developer of Shibarium, a blockchain intended to support various transactions and to trade within the SHIBA ecosystem fully. This allows quicker and cheaper transactions optimized for gaming according to the said provider.
On top of that, Shiba Inu fired up another collaboration. Welly’s burger restaurant chain has decided to transform its business into a SHIB-themed business supported by the community.
Since then, the community’s ever-growing partnership with these two companies has led to a surge in coin value. As a result, we may be seeing more collaborations in the future.
The Key Takeaway
These two recent announcements are a significant turning point for the community, which has reasonable cause to surge in price. It is an excellent sign for the future of Shiba and bears very promising results.
In addition to that, this could be the dawn of a new era with the recent partnerships with Google and Amazon. It seems to wipe out any doubts of Shiba’s longevity as a coin. Therefore, it may be a good time to buy some SHIBA in anticipation of their future growth.