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The Latest on Shiba Inu's Rise Motivating Bullishness
Shiba Inu (SHIB) ecosystem advancements continue to boost the crypto token. These elements also suggest SHIB's price might rise higher.
Shiba Inu team member Ragnar highlighted the resilience of the SHIB Army, highlighting the increase in long-term holders in less than a year despite the meme coin's lackluster price trend. According to IntoTheBlock, the number of addresses owning $10 million in SHIB has increased from 57 to 209 since June 2023.
The number of locations having $1 million in SHIB has also increased to 1319. This shows the SHIB community's trust in the meme currency and their bullishness even when there was no cause to.
Ragnar wrote in another X (previously Twitter) article on how Shiba Inu's burning program and Shibarium innovations are helping SHIB develop. Community project SHIB Burns has consistently boosted meme coin prices.
This token burn has also expanded thanks to layer-2 network Shibarium, which has committed to burning certain network fees as SHIB. With Shibarium improvements, network activity should increase, burning more SHIB tokens.
The Shiba Inu squad likewise refuses to relax. They have actively developed tactics to enroll new users and sustain community optimism. Lucie, Shiba Inu's Marketing Lead, has promoted meme currency trading on Shibarium for some time.
This isn't surprising as the meme currency frenzy on Solana and Base has increased user numbers and network activity. The company is likely trying to attract meme currency investors to Shibarium to boost the ecosystem.
Their marketing of the ‘DAMN’ meme currency has increased daily active users on WoofSwap, a Shibarium DEX.
According to CoinMarketCap, SHIB is trading at $0.00002914, up over 5% in 24 hours.
