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- Shiba Inu (SHIB) is garnering significant investor attention amid a flurry of technological advancements on the network.
- Achievements on the network, Shibarium, and its associated projects have seen the SHIB price post monumental returns.
The Shiba Inu community, largely regarded as the “SHIBArmy” continues to celebrate significant advancements in the network and token prices. Network developments have helped drive Shiba Inu’s SHIB price rally, helping early investors cash in huge profits.
As highlighted by Ragnar Shib, a prominent member of Shiba Inu’s team, despite the recent price correction, Shiba Inu’s long-term holders are demonstrating remarkable resilience.
SHIB’s impressive performance has in part been driven by the growth of Shiba Inu’s layer 2 network, Shibarium. Since it was launched last year, the network has experienced remarkable growth. As CNF recently reported, Shibarium has exceeded 3 million transactions. Additionally, the number of wallets engaging with Shibarium has grown to over 1.3 million, indicating broader adoption and participation in the platform’s ecosystem.
Another key driver for the bullish drive is the periodic token burns. In addition to the burns facilitated on the Shiba Inu network and the Shibarium network, a newly launched meme coin on Shibarium, the DAMN protocol, has helped expedite the process. Interestingly, the token has recorded over 523% growth in days.
Described as a ‘Sol Killer’, the DAMN team has built a system that burns BONE, the Shibarium gas token, with each transaction. This deflationary method not only limits the circulating supply of DAMN tokens but also helps to increase scarcity and value for both DAMN and BONE.
With the team working to strengthen SHIB’s position and to raise Shiba Inu’s status from a mere meme-coin to a rival to the big established blockchain such as Ethereum, Solana, and Cardano, it is clear that SHIB is a favorite investment option for investors around the world. In fact, the SHIB team has revealed that Shiba Inu is the second most searched cryptocurrency in Europe.
🤯🤯 SHIB is the 2nd most searched crypto in Europe only behind Bitcoin. The #SHIBARMY's unstoppable growth is only just beginning. Check it out for yourselves: 👇 https://t.co/SJe5ln5SSJ https://t.co/JPvJDqjnot pic.twitter.com/byPo0QDUVf
— Shib (@Shibtoken) March 25, 2024
At the time of writing, SHIB is trading at $0.00003033 after celebrating a 3% surge in the last 24 hours. This has seen the token extend its weekly gains by 15% as the memecoin enjoys a bullish breakout. Ranked 12th based on its $1.6 billion market cap, investors are optimistic that the token can surpass its immediate competition to reach a top ten ranking. Here, the token will enjoy greater exposure, driving mass adoption, partnerships, and greater investor interest.
Its rise will certainly be bolstered by the rising interest in meme coins. As CNF reported, memecoins led by Shiba Inu’s SHIB, PEPE, DOGE, BONK, DogWifHat, and FLOKI, have offered investors a one-in-a-lifetime chance to cash in millions in profit as they lead the crypto market rally. Although their performance has somewhat slowed, there are expectations that this market, which accounts for just under $70 billion, could drastically rise to over $200 billion soon.
