On Friday’s market close, Shiba Inu (SHIB) saw an increase of about 7.6%, trading at that level by 10:15 a.m. ET today. No clear cause for this rise has been identified, but it’s worth noting that the broader crypto market has trended upward over the weekend due to several significant events.
President Trump signs stablecoin bill into law
On Friday evening, President Donald Trump gave his approval to the Cryptocurrency Act (Genius Act) as law. This act was one of several pieces of legislation approved by the U.S. House of Representatives during “Crypto Week,” and aims to establish a structure for stablecoins – digital currencies tied to commodities or fiat money. Many investors anticipate that these passed bills could foster a more favorable regulatory landscape for cryptocurrency in the future.
In other updates from the crypto world, Trump Media and Technology Group recently disclosed their acquisition of a whopping $2 billion worth of Bitcoin, the most significant cryptocurrency globally. Meanwhile, BitGo, a renowned crypto custodian service, is reportedly planning to go public following strong momentum within the crypto industry. This surge in the sector seems to be encouraging start-ups to contemplate initial public offerings.
Moreover, it appears that the surge in the crypto market is expanding beyond just Bitcoin and a handful of other digital currencies. For the majority of this year, these coins have held the limelight. However, the enactment of new cryptocurrency regulations has given a boost to digital assets such as Ethereum. This seems to be gaining traction due to stablecoin legislation, as some of the largest stablecoins are issued on Ethereum’s network. Shiba Inu, initially launched as an ERC-20 token on Ethereum’s platform, has since developed a layer-2 solution for off-chain transactions.
Shiba Inu often moves for no apparent reason
It’s quite typical for Shiba Inu to follow market trends, but it tends to do so with higher volatility. Since its launch in 2020, especially with the introduction of its layer-2 solution, Shibarium, the token has made significant progress. However, I still consider it primarily a meme token and recommend investors to exercise caution and avoid investing in it.
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2025-07-21 18:22