In the past week, the price of SHIB tokens has gone up by 20%. While the price of bitcoin and ether (ETH) has only gone up by a small amount. Only rollbit (RLB) and unibot (UNIBOT), two other digital currencies, did better than SHIB in terms of returns.
Notably, the number of trades went up a lot, reaching $315 million in a 24-hour period on Thursday. The level had not been this high since February. A key insight from the crypto analytics company Kaiko shows why these price increases are happening. They pointed to the fact that there were more developers working on the Shiba Inu network earlier in the week as evidence that the prices were going up for a good reason.
Traders who have put money into the meme coin, a cryptocurrency that wants to be a big player in the world of decentralized finance, seem to be buying tokens in preparation for the launch of Shibarium. Shibarium is a blockchain that is based on Shiba Inu. It will start up later this month. Recently, there has been a rise in positive feelings. This is mostly because developers said they plan to add digital identity verification to all Shiba Inu projects, including those on Shibarium.
This idea, which is called self-sovereign identity (SSI), is basically a digital version of traditional forms of identification like passports and driver’s licenses. People say that SSI gives users more control over their personal data and how it gets shared online.
The people who made Shiba Inu said that the growing interest in digital identities and data protection, especially in Canada and the European Union, could make Shiba Inu a more solid and legal project than other blockchain platforms. This shows how serious they are about building a strong and trustworthy presence in the constantly changing world of cryptocurrencies.
People are becoming more and more convinced that these changes could make shib tokens a good long-term investment choice for more serious and committed investors.
Khaleelulla Baig, co-founder of the cryptocurrency exchange KoinBasket, pointed out that Shiba Inu stands out as one of the few meme coins with an active and engaged community. Long-time crypto fans haven’t fully adopted it, though, because it doesn’t have a clear use case. People think that adding Shibarium is a big and brave step toward fixing this problem. Baig sent a message on Telegram that said these things.
Baig went on to talk about how this move could affect other things. He believes that other meme coins with strong communities and robust network effects could experience similar trends if executed effectively.
Shiba Inu’s creators have said in the past that metaverse and gaming applications would be the main focus of Shibarium. This is especially important because the non-fungible token (NFT) sector is expected to grow quickly in the next few years. Impressively, there has been a lot of activity on the Shibarium test blockchain over the past few months. As of July, about 16 million wallets were responsible for about 27 million transactions. This increase in activity shows that the network is getting a lot of use.