https://ift.tt/zuLAIWE Inu (SHIB) Price Gains Amid New Adoption and Token Burn Updates

• Welly will be able to accept SHIB tokens from their consumers.
• Bigger Entertainment stated on Feb. 5 that it would burn 162 million SHIB tokens.

Token burning events and rising merchant uptake have helped Shiba Inu exceed Dogecoin so far this month in terms of market capitalization. Currently ranked 13th in terms of market capitalization, Shiba Inu (SHIB) is just behind Dogecoin (DOGE), a competitor meme-cryptocurrency with almost $20 billion market capitalization.

Despite this, the price of SHIB has outpaced DOGE in 2022, despite its lag in the rankings. The SHIB/DOGE combination, for example, has experienced a 38 percent increase month-to-date (MTD). So, in comparison to Dogecoin, Shiba Inu has risen more than 50% against the US dollar over the last week.

Read More: Shiba Inu Price Prediction

Back-to-back Development Updates

The SHIB market saw most of its gains in February 2022 on two days: February 6 and 7. In contrast to DOGE’s 12.5% rise, SHIB’s price climbed by a net 41 percent, driven by back-to-back upbeat updates in the Shiba Inu market.

According to reports, Welly’s, a fast-food restaurant serving burgers and fries, established a partnership with Shiba Inu on Feb. 3. A new Shiba Inu-themed product line and Shiba Inu-themed non-fungible tokens were added to the company’s outlets as a result.

With Shiba Inu’s “Doggy DAO,” Welly will be able to accept SHIB tokens from their consumers and expand their food chain at the same time. SHIB’s price increased by 7% to $0.00002219 the day after the news.

To commemorate Valentine’s Day, crypto firm Bigger Entertainment stated on Feb. 5 that it would burn 162 million SHIB tokens one day before the significant Shiba Inu rally. It was reported on the same day that Unification, a Singapore-based blockchain solutions provider, was working with Shiba Inu’s founders to build a layer-2 solution dubbed Shibarium, which is tailored for gaming.