SHIBA INU Fly High after Elon Musk's Cryptic Endorsement

Shiba Inu (SHIB) gained ground on Friday as traders assessed its inclusion on Coinbase, one of the world's leading cryptocurrency exchanges.

For the first time since June 29, 2021, the SHIB/USDT exchange rate increased by 16.42 percent to $0.00000950. The latest upward movement was part of a larger bullish trend that began on Thursday when SHIB gained more than 26 percent. As a result, the token's returns increased by more than 40% in just

Two days of trading. Gains for SHIB began to emerge after Tesla CEO Elon Musk tweeted about the arrival of a new Shiba Inu puppy named Floki.

                         

 

The announcement, which came on Monday, was followed by a modest 2.62 percent increase in SHIB/USDT rates the following session, demonstrating Musk's continued influence over a family of dog-themed tokens that includes Dogecoin (DOGE), BabyDoge, and Floki Inu.

Shiba Inu's rally also received a boost from another source.

SHIB/USD rates were already rising after the token was added to the US-based digital asset trading platform Coinbase Pro earlier this month. On Thursday, the pair rose further after Coinbase announced that it would add SHIB support to its platform.

The path to recovery

SHIB is an Ethereum-powered cryptocurrency that tries to imitate Dogecoin, a meme cryptocurrency. Musk's cryptic endorsements of the joke cryptocurrencies propelled the Shiba Inu token to prominence. As a result, SHIB now has the 46th largest market capitalization of $3.31 billion. 

Shiba Inu's bright prospects are based on adoption rather than utility. Traders purchase SHIB in the hope that more like them will join the pack and grow the community, as in the case of Dogecoin. Shiba Inu's popularity has prompted the company to launch ShibaSwap, a dedicated decentralized exchange.

Cardano's smart contract count has surpassed 2,200.

Only four days after the upgrade, the Cardano blockchain's smart contract count has surpassed 2,200, according to the vicel app. These contracts, however, will not be deployed immediately, and developers are only storing them on the blockchain in advance for use with the launch of their Dapp. This, in turn, demonstrates the demand for the Cardano blockchain. The blockchain is seeing a significant increase in development activity as a result of a new architecture that prioritizes scalability and security.

                               

Cardano faced a lot of criticism and trolling for delaying the Alonzo upgrade, and many people even bet against the smart contract possibility on the blockchain this year and lost. However, the developers were able to complete everything on time and as planned.

As regulatory scrutiny on the defi market has increased, Cardano founder Charles Hoskinson believes the blockchain is well positioned for the second wave of defi. Hoskinson stated in a recent interview that the upcoming crackdown wave will be very similar to the ICO-era crackdown in 2017. According to him, Defi market is open for business, and that only those Defi protocols with liquidity and interoperability, features would lead the second wave of Defi.

Hoskinson, Charles Cardano Is Expected to Lead the Second Wave of Defi

While development activity on the Cardano blockchain is increasing, the price remains stable at around $2.50. The bullish momentum in the $ADA price began in August, along with the rest of the crypto market, and it managed to see a 2.5X increase in price to a new ATH of $3.10. However, the recent crypto market flash crash wiped out the majority of its gains, and it is now trading at $2.41. Increased development activity and rising demand could provide the bullish momentum required for the altcoin to break through $2.50 and retest all-time highs.

The ADA is one of the most advanced cryptocurrencies and Cardano is projected to outperform Ethereum.

.Over the past year, Cardano has been one of the major Git projects. The blockchain network builds up smarter contract applications and emulates Ethereum's achievements. Engaging collaborations and fast-developing to increase the price of Cardano.    

 The successful completion of Alonzo Hard Fork on 12 September marked the advent of intelligent contracts on the blockchain in Cardano. Charles Hoskinson, the fountain's founder, lost $50,000 since the platform was against the advent of smart network contracts until the 1st October 2021, a feat thought unachievable by the vast majority of the crypt community, Polymarket, a global platform for information marketing.

Cardano supporters who bet in favor of the launch of smart contracts demonstrated their faith in Input Output Hong Kong (IOHK), the company behind the blockchain network, and Hoskinson, who won over $1 million with the arrival of smart contracts on the Ethereum-rival network. Over 100 projects were added to the Cardano blockchain in a single day after the smart contract functionality went live.

Cardano's Head of Brand and Communications, Sidney Vollmer, teased in a recent tweet that the partnerships that the blockchain network has lined up for the Cardano Summit 2021 event will "blow people's minds."

                                            

According to a research report prepared by Outlier Ventures, a venture capital company based in London, Cardano is one of the most advanced (of a sample of 50) projects in the cryptocurrency ecosystem over the past two years. According to significant development activities and a bigger number of commitments, the research says increased prospects of success.

Cardano's monthly commitments are above 700, up 24 percent compared to Ethereum's annual increase of 10.5 percent. Cardano is in the accumulation phase of $1 to $3, according to Benjamin Cowen, the leading analyst, and trader for the cryptocurrency said that Much of the market capitalization of Ethereum comes out of NFTs, DeFi apps, and dApps. The analysts on FXStreet think that the altcoin is primed for a breakup if ADA price maintains above $2.2