Why Shiba Inu Is Rising Today
The cost of the meme token Shiba Inu (CRYPTO: SHIB) has increased over the past 24 hours.
As of 3:30 p.m. ET today, the cryptocurrency has increased by more than 3% as cryptocurrencies made a comeback and word of Shiba Inu possibly launching other projects on its network circulated.
Shiba Inu has increased over the previous few days as the rest of the cryptocurrency market and Bitcoin, the largest cryptocurrency in the world (CRYPTO: BTC), have recovered.
As of this writing, Bitcoin has increased by about 12.5 percent over the previous five days.
Shytoshi Kusama, the project's principal developer, announced in a blog post yesterday that Shiba Inu is preparing to introduce
a stablecoin project named Shi, a reward token, and a fresh batch of collectibles for the metaverse.
Digital assets known as stablecoins are anchored to physical goods or fiat money.
Additionally, there are algorithmic stablecoins that track specific commodities or currencies but aren't backed by anything