Shiba Inu (SHIB) has captured the attention of investors due to significant advancements on its network. The success of Shibarium and its associated projects has resulted in monumental returns for the SHIB price. The Shiba Inu community, known as the “SHIBArmy,” continues to celebrate the network’s progress and increasing token prices. These developments have fueled the SHIB price rally and allowed early investors to reap substantial profits.
Ragnar Shib, a prominent member of the Shiba Inu team, has highlighted the remarkable resilience of long-term SHIB holders, despite the recent price correction. The impressive performance of SHIB can be attributed, in part, to the growth of Shibarium, Shiba Inu’s layer 2 network. Since its launch last year, Shibarium has experienced remarkable growth, surpassing 3 million transactions. The number of wallets engaging with Shibarium has also grown to over 1.3 million, indicating wider adoption and participation in the platform’s ecosystem.
Another driving force behind the bullish momentum is the periodic token burns. In addition to the burns on the Shiba Inu network and Shibarium, the recently launched meme coin, the DAMN protocol, has expedited the process. Surprisingly, the DAMN token has recorded over 523% growth in just a few days.
The DAMN team, known as a “Sol Killer,” has developed a system that burns BONE, the Shibarium gas token, with each transaction. This deflationary method not only reduces the circulating supply of DAMN tokens but also increases scarcity and value for both DAMN and BONE.
The team is actively working to strengthen SHIB’s position and elevate Shiba Inu from being just a meme coin to a competitor to established blockchains like Ethereum, Solana, and Cardano. This has made SHIB a favored investment choice for global investors. In fact, the SHIB team has revealed that Shiba Inu is the second most searched cryptocurrency in Europe.
Currently, SHIB is trading at $0.00003033, experiencing a 3% surge in the last 24 hours. This has resulted in a 15% weekly gain, indicating a bullish breakout for the memecoin. With a market cap of $1.6 billion, SHIB is ranked 12th, and investors are optimistic that it can surpass its competitors and enter the top ten rankings. This would lead to greater exposure, mass adoption, partnerships, and increased investor interest.
The rise of SHIB will be supported by the growing interest in meme coins. Memecoins like Shiba Inu’s SHIB, PEPE, DOGE, BONK, DogWifHat, and FLOKI have provided investors with an extraordinary opportunity to make millions in profits as they lead the crypto market rally. While their performance has slowed down recently, there are expectations that this market, currently valued at just under $70 billion, could rise significantly to over $200 billion in the near future.