The post Shiba Inu (SHIB) Surge Amid Rising Developer Activity and Upcoming Shibarium Launch appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) has emerged as a standout performer in the cryptocurrency market, outshining bitcoin (BTC) and ether (ETH) with a remarkable 20% return to investors in the past week. The unexpected surge in SHIB comes at a time of notably low volatility for Bitcoin. It’s worth noting that only Rollbit (RLB) and Unibot (UNIBOT) managed to outperform SHIB among alternative currencies, each driven by unique catalysts.
The trading volumes for SHIB soared to $315 million within a 24-hour period, marking the highest level seen since February. Analysts from crypto analytics firm Kaiko have attributed this rally to increased developer activity within the Shiba Inu community, indicating that the price gains were not merely speculative.
#SHIB is no joke.The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network. pic.twitter.com/mUfomDBVYB
— Kaiko (@KaikoData) August 9, 2023
Traders and enthusiasts of this meme coin have been eagerly preparing for the imminent launch of Shibarium, a blockchain platform based on Shiba Inu. This launch is anticipated later this month and is expected to be a significant development for the Shiba Inu ecosystem.
Shiba Inu’s SSI announcement was bullish
A recent surge in bullish sentiment was fueled by the announcement that digital identity verification, known as self-sovereign identity (SSI), will be integrated into all Shiba Inu projects, including Shibarium. This forward-looking move enhances user control over personal data and aligns with growing concerns over digital privacy.
The Shiba Inu developers believe that this strategic focus on SSI, combined with the rising importance of digital identity and data protection in regions such as Canada and the European Union, could set Shiba Inu apart as a more robust and compliant project compared to other blockchains.
Shibarium, the upcoming blockchain, aims to take advantage of the growing trends in the metaverse and gaming sectors. As the non-fungible token (NFT) market continues to gain traction, developers have positioned Shibarium as a platform with a strong foothold in this expanding space.
The testing blockchain for Shibarium has already demonstrated promising activity, with millions of transactions and a significant number of wallets, indicating substantial demand for the network.
As the launch of Shibarium draws near, the Shiba Inu community remains optimistic about the potential impact of this innovative blockchain, which could further establish SHIB as a prominent player in the cryptocurrency landscape.
