Shina Inu’s SHIB rose almost 24% on Monday to cap a strong start to the week, adding gains to more than 34% in the last week on renewed investor interest in the meme token.
SHIB’s token rise is boosted by a range of activities by its team, notably the addition of a layer two blockchain called Shibarium, which is expected to cut transaction costs and support a higher number of users.
An announced opening of a fast-food franchise in Italy by Shiba Inu also boosted investor sentiment, helping it shed the “meme” label it has carried along.
Several businesses are also committed to the SHIB burn initiative this year, which will cut the token supply and potentially boost prices.
The gains in SHIB also happen as the wider cryptocurrency and financial markets post recoveries. The token’s market cap as of February 1 was $14.99 billion, up by around $3.5 billion in a week.
The latest surge adds optimism to SHIB, which has recently been losing holding addresses, having shed around 4,223 of them between January 28 and February 3, 2022.
SHIBUSD is currently down -1.19%.
