Why did Shiba Inu's price jump up today? Traders weigh upcoming Shibarium launch

Shiba Inu ( SHIB-USD ) tokens gained as much as 20.1% earlier in Wednesday's session, extending its year-to-date rally, as traders weigh the beta release of the upcoming ethereum ( ETH-USD )-based layer 2 network Shibarium. The metaverse-focused network would ultimately allow blockchain developers to create decentralized applications (dApps) while aiming for increased speed, scalability and lower transaction expenses. The dog-themed meme-coin has rallied nearly 38% since the start of 2023, as most major cryptos attract some bullish momentum, though it's still off 60% in the past year. SHIB rose 7% to $0.000011 as of 6:00 p.m. ET. The intraday gains come even as other major cryptos such as bitcoin ( BTC-USD ), -1.6% , and ethereum ( ETH-USD ), -2.3% , drifted down as waning economic data spurred growth fears.