Here's Why Shiba Inu Surged 7% Today
Many investors' favorite meme token Shiba Inu (CRYPTO: SHIB) is once again making big moves in today's session. As of 1 p.m. ET, Shiba Inu has put forward a rather impressive 7.4% 24-hour move. That move is good enough to make Shiba Inu the best-performing cryptocurrency out of the 40 largest coins ranked by market capitalization.
This move appears to be tied to enthusiasm around the upcoming relaunch of Shibarium, Shiba Inu's layer-2 scaling solution. The team behind Shiba Inu has reportedly been working on testing its scaling network for the past two days in a bid to optimize and enhance Shibarium, and get it ready for show time.
Last week, Shiba Inu launched Shibarium, which hit problems out of the gate. Developers cited too much volume and activity upon launch, but essentially this scaling solution failed to do what it was supposed to, ultimately failing to produce blocks at some point. So, back to the chopping block went developers, looking to improve upon what clearly was a flawed product released initially.
Source Fool.com
