Shiba Inu Chews Away Bitcoin, Ethereum's Bones With 6% Surge

Meme cryptocurrency Shiba Inu SHIB/USD is up 5.98% in the last 24 hours surpassing Bitcoin BTC/USD and Ethereum ETH/USD gains.

What Happened: SHIB, known as the "Dogecoin DOGE/USD killer", has seen an unprecedented surge in value after a large crypto investor transferred a multi-million-dollar sum of the crypto. The whale moved $28.7 million of SHIB, sparking a massive buying frenzy and resulting in a substantial rise in the coin's value. 

At the time of writing, SHIB was trading at $0.000009134.

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As the long-awaited Shibarium upgrade continues to draw closer, speculation has been mounting as to when it will arrive. While no official date has yet been released, it is expected that the upgrade is set for early 2023. 

The Shibarium upgrade is a Layer-2 platform and a major improvement to the existing SHIB blockchain, first proposed by Ryoshi, its anonymous creator, back in May 2021. 

As SHIB was built on the ETH blockchain, projects within the SHIB ecosystem have struggled with scalability and high gas fees. The Shibarium upgrade promises to provide enhanced scalability and drastically reduce high transaction costs. 

Price Action: BTC was trading at $17,463 up 1.49%. DOGE at $0.07662, up 2.05% in the last 24 hours, according to Benzinga Pro.

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