Shiba Inu (SHIB), the meme cryptocurrency, has surpassed Ethereum (ETH) and is now the top trending asset on CoinMarketCap. This success is likely due to the announcements and updates that have been made in the past week. Ethereum developers activated their Shapella upgrade on the blockchain, consisting of Shangai and Capella, which enables stakers to withdraw ETH from the Beacon Chain deposit contract. Previously, Ethereum had merged with the switch to a proof-of-stake consensus algorithm, which followed the momentous $2,000 price spike from May last year. In light of this, Bitcoin surged to $30,000 while Ethereum followed.

Moreover, the Consumer Price Index (CPI) this week was lower than what had been anticipated by analysts, which certainly drove prices room the most famous cryptocurrencies and had an effect on SHIB as well. Over a single day, the number of wallets connected to the Shibarium beta, a platform called Puppynet, grew to more than 3 million, up from 365,200. 71 tokens now total the network.

As of today, Shiba Inu (SHIB) is trading at $0.00001114, at an increase of 2% within the last 24 hours. It is undeniable that SHIB has managed to make quite a name for itself within the few months that it has existed in the market, and the memetic token seems to keep boosting steadily with the support of its investors.



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