The Shiba Inu Token (SHIB), the second largest meme token in the world, has been doing quite well of late. The token price is now at $0.000008891, up almost 3% percent in the last twenty-four hours and 8.77 percent in the last seven days.

The so-called “whale effect” can be credited with helping to increase the price of the Shiba Inu. As CoinPedia reported yesterday, whales have accumulated a staggering amount of SHIB tokens in the past few days.

SHIB is the second most secure cryptographic project

The good news keeps coming: Blockchain security company CertiK has ranked SHIB as the second most secure cryptocurrency project out there. CertiK believes that the most notable aspects of the Shiba Inu project are that it is decentralized, has a significant market capitalization, has been around for a long time, offers bug bounties, and has a large following on social media.

As can be seen in the tweet sent out by CertiK below, the meme token achieved a Skynet trust score of 93 in CertiK’s Web3 Security Leaderboard report, allowing it to secure second place in the leaderboard, after Polygon.

This is an average score of 92 for the Safety category and a score of 95 for the Market & Community category. These scores are determined by looking at the relative safety, market performance, and social sentiment of a cryptocurrency project.

In addition to this, Shiba Inu has achieved the top 10 position in the top 10 DEX projects on the CertiK watch list, the report shows. Shibarium’s long-awaited debut as a Layer-2 scaling platform is another factor that may have contributed to the recent rise in SHIB’s price.

SHIB price

Shiba Inu, after recovering inside the descending triangle, struggles to maintain the upward momentum of the token.

Despite this uptrend, the SHIB cryptocurrency still has to deal with the possibility of a downside if the bears decide to stop the uptrend. Meanwhile, sellers continually try to pull back during intraday trading, although volume movement remains weak. It is still very likely that the meme coin will continue its bullish move, which is exactly what we all expect to happen.

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