Shiba Inu Stands Out In Bearish Market; Price Surges While Major Cryptocurrencies Nosedive

Shiba Inu, the dog-themed altcoin that claims to be driven by its community, has withstood the carnage of the bloody market, seeing a massive jump in its price when prices of other major crypto assets were nosediving.

The Shiba Inu community, more popularly known as the Shib Army, has proven to the world that its faith in the dog-theme altcoin SHIB is not misplaced. The past weeks saw a massive price dump among major cryptocurrencies in the industry with Bitcoin, the world's largest cryptocurrency in terms of market capitalization, falling below its $20,000 threshold.

And while some investors sell their stocks, most of the Shib Army were buying the dip and taking advantage of the low price. SHIB saw a 45.5 percent increase in its price from Tuesday's $0.00000811 to Wednesday's $0.0000118.

This faith within the community stemmed from the development team's lineup of upcoming projects that are scheduled to roll out this year. This includes the highly anticipated Layer-2 solution dubbed Shibarium, which is believed to be released sometime in June or in the Q3 of this year at the earliest.

Shytoshi Kusama, the lead developer of Shiba Inu, earlier said that it has asked the team to "beef up" the development of the L2 solution. It is said that Shibarium is currently in its final stage of development and it's only a matter of time before it could officially launch. Shiba Inu Games is also set to launch in the Q3 of this year with PlaySide Studios and William Volk at its helm.

"SHIB: The Metaverse," the very own metaverse of the Shiba Inu community is also in the works and it is another medium where SHIB will have an additional utility when it finally becomes fully operational. Analysts do not view the rally as fundamental-driven but that the surge in the price of Shiba Inu was driven by a "speculative frenzy"

SHIB was trading up 2.02 percent at $0.00001027 with a 24-hour volume of $649,500,551 as of 1:28 a.m. ET on Friday, according to the latest data from CoinMarketCap.