In a surprising turn against the prevailing market trend, Shiba Inu (SHIB) tokens have demonstrated a remarkable surge of up to 5% in value within the last 24 hours.
Over the course of the past week, Shiba Inu tokens have emerged as standout performers in the cryptocurrency landscape. This achievement is especially noteworthy given the current period of unusually low volatility experienced by Bitcoin (BTC), the leading cryptocurrency.
During this week-long timeframe, Shiba Inu tokens have generated an impressive 20% return for investors. This stands in stark contrast to the comparatively modest gains seen in Bitcoin and Ethereum (ETH). Among other alternative digital currencies, only rollbit (RLB) and unibot (UNIBOT) have managed to achieve higher returns, each driven by unique catalysts.
Strong Volume
Remarkable trading volumes of $315 million were recorded in a single 24-hour span, specifically on Thursday. This figure marks the highest level since February. A deeper analysis by crypto analytics firm Kaiko revealed heightened developer activity within the Shiba Inu project earlier in the week, strongly indicating that the upward movement in token prices is grounded in substantial developments.
Shibarium Launch
Traders involved with Shiba Inu, colloquially referred to as a meme coin, are seemingly strategically accumulating tokens in anticipation of the forthcoming launch of Shibarium. Shibarium is a blockchain platform built upon the Shiba Inu ecosystem, scheduled to make its debut later this month. Recent bullish sentiment has been further amplified by the announcement from developers that digital identity verification will be integrated across all Shiba Inu projects, including Shibarium.
Self-Sovereign identity
Referred to as self-sovereign identity (SSI), these digital identities function as virtual counterparts to physical documents such as passports and driver’s licenses. In the digital realm, SSI empowers users with greater control over the dissemination of their personal data online.
Developers have cited the growing interest in digital identities and data protection, particularly in regions like Canada and the European Union, as pivotal factors that could distinguish Shiba Inu as a more reputable and compliant project compared to other blockchain ventures.
This recent trajectory may potentially lay the groundwork for Shiba tokens to be regarded as long-term investment options among more serious and discerning investors. Khaleelulla Baig, co-founder of the cryptocurrency exchange Koinbasket, expressed optimism about Shiba Inu’s evolution. He noted that despite the token’s meme coin origins, the introduction of Shibarium represents a bold step towards more substantive utility and value.
Baig further speculated that the success of this strategy could pave the way for similar trends in other meme coins boasting robust communities and network effects.
Metaverse and Gaming
Notably, Shiba Inu developers have previously outlined Shibarium’s emphasis on metaverse and gaming applications, aligning with the anticipated growth of the non-fungible token (NFT) sector in the years ahead. Indicating robust demand, a test blockchain for Shibarium has witnessed meaningful engagement, with approximately 27 million transactions involving an estimated 16 million wallets as of July.
