- With ongoing advancements in network technology, Shiba Inu (SHIB) is drawing widespread attention from investors.
- The accomplishments of the Shibarium network and its related projects have witnessed a significant return on SHIB price.
Shiba Inu community
The Shiba Inu community, largely known as the “SHIBArmy,” continues to celebrate significant advancements in the network and token price. The network’s development has helped drive the price of SHIB upwards, enabling early investors to realize huge profits.
As highlighted by Ragnar Shib, a key member of the Shiba Inu team, despite recent price adjustments, long-term holders of Shiba Inu have shown remarkable resilience.
SHIB’s impressive performance is partly due to the growth of Shiba Inu’s Layer 2 network, Shibarium. Since its launch last year, the network has seen significant growth. According to recent reports by CNF, Shibarium’s transaction volume has surpassed 3 million. Furthermore, the number of wallets participating in Shibarium has grown to over 1.3 million, indicating broader adoption and participation in the platform’s ecosystem.
Another key driver of the bullish momentum is the periodic token burning. In addition to the burnings facilitated by the Shiba Inu network and Shibarium, the newly launched meme token on Shibarium, DAMN Protocol, also contributes to accelerating this process. Interestingly, this token grew by over 523% in just a few days.
The DAMN team, known as the “Sol Killer,” has built a system where every transaction burns BONE (Shibarium’s gas token). This deflationary method not only limits the circulating supply of DAMN tokens but also helps increase the scarcity and value of both DAMN and BONE.
As the team works to strengthen SHIB’s position and elevate Shiba Inu from just a meme token to a competitor with major blockchains like Ethereum, Solana, and Cardano, it’s clear that SHIB is among the favorite investment choices for investors around the world. In fact, the SHIB team revealed that Shiba Inu is the second most searched cryptocurrency in Europe.
Price and Market cap
As of writing, SHIB’s trading price is at $0.00003065, having risen by 3.5% in the last 24 hours. With the meme coin’s bullish breakout, its weekly gain has expanded to 21%. Ranked 11th based on a market capitalization of $18 billion, investors are optimistic that the token could surpass its direct competitors and break into the top ten. Here, the token would gain greater exposure, driving mass adoption, partnerships, and larger investor interest.
Its rise is sure to be propelled by the growing interest in meme coins. According to CNF, meme coins led by Shiba Inu’s SHIB, PEPE, DOGE, BONK, DogWifHat, and FLOKI offer investors a rare opportunity to earn millions in profits while leading the cryptocurrency market rebound. Despite a slowdown in performance, the market, slightly below $70 billion, is expected to surge significantly, potentially exceeding $200 billion soon.
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