Key Takeaways:
- SHIB is up 5% in the last 30 days, trading at $0.00001136.
- Philippines oldest crypto exchange has listed SHIB.
- Vitalik Buterin is funding a PhD fellowship program with SHIB.
LAGOS (CoinChapter.com) — Meme coin Shiba Inu in the last seven days has rallied by almost 6%, according to data from Coingecko, showing outstanding performance amidst the recent crypto crash.
In detail, the renowned “Dogecoin-killer” has been showing signs of hitting an uptrend pattern to attain a bullish pennant. However, at the time of publication, Shiba Inu’s token was down by 3% and trading at $0.00001136.
Currently, the 13th largest cryptocurrency by market value, SHIB could not maintain the brief rise. Moreover, SHIB seems to be on a path to discarding its optimistic outlook, hinting at a potentially bearish scenario.
Although the Shiba Inu token continues to struggle, its monthly and yearly earnings remain in the green zone. Notably, in the last 30 days, SHIB has surged by 5% and over 75% in the last year. However, despite the bullish price action, SHIB was still down about 85% from its all-time high in January 2021.
It is also worth noting that SHIB’s market cap has lost around $1 billion since its brief surge at the weekend.
The meme coin market cap currently sits at $6.6 billion at press time from around $7.5 billion on July 22. Furthermore, the Shiba Inu token currently has a 24-hour trading volume of $300 million with a supply of 590 trillion SHIB coins.
Shiba Inu Listed On Philippines’ Crypto Exchange
Meanwhile, Shiba Inu’s brief surge at the weekend has been credited to its listing on Coins.ph, a Philippines-based cryptocurrency exchange. Interestingly, due to the listing, the meme token will be added to the existing 20 cryptocurrencies on the crypto market.
Notably, Coins.ph is one of the oldest cryptocurrency exchanges in the Philippines. It currently boasts more than 18 million users and is approved by the Bangko Sentral ng Pilipinas (BSP).
Coins.ph is the first crypto-based company in Asia to hold both electronic money issuer and virtual currency issuer licenses from a central bank. Additionally, the exchange website noted that it has seven million active monthly users.
Similarly, Shiba Inu’s recent upswing was credited to its relationship with Vitalik Buterin, the Ethereum co-founder. Buterin has used some of the SHIB tokens gifted him to fund a Ph.D. fellowship program.
The Ethereum creator expressed gratitude to the Shiba Inu community for helping him realize his dream of creating a Ph.D. fellowship fund. The program will focus on research on the safe development and deployment of artificial intelligence.
Its anonymous developers gifted Buterin 50% of SHIB’s total token to remove the coins from circulation. The Ethereum founder destroyed 90% of the tokens, worth around $32.5 billion. Moreover, he further used some of the remaining tokens to fund the new Ph.D. fellowship.
In addition to funding the research fellowship, Buterin donated the remaining SHIB to the India COVID Crypto Relief Fund. At the time, the funds were worth roughly $1.2 billion.
SHIB.io Metaverse Taps The Third Floor To Attract Crypto Investors
In a parallel development, Shiba Inu’s metaverse project (SHIB.io metaverse) has partnered with The Third Floor to boost its metaverse expansion. The partnership is also expected to attract more crypto investors to the platform.
The Third Floor is known for working and collaborating with Marvel Cinematic Universe to bring scalabilities to different next-level. The Third Floor will effectively design and construct Shiba Inu’s metaverse project through the partnership.
“The Third Floor will use its skills in visual development and storytelling to help define and develop virtual environments, buildings and landmarks for a true Shiba-inspired universe, while developing a marketplace to inform final environment production.”
Shiba Inu said.
Furthermore, Dane Smith, Chief Strategy Officer of The Third Floor, expressed his excitement about the collaboration. He noted that the metaverse offers everyone new opportunities to develop and participate in world-building.
