The resurgence of memecoins may have waned, but the Shiba Inu token (SHIB) continues to capture attention. On July 5th, SHIB stood out among tokens with the highest transaction fees, indicating a surge in activity surrounding it. Recent data reveals significant growth in the SHIB network, further supporting a bullish outlook. Additionally, the supply of SHIB on exchanges is currently at its lowest level since 2022.
According to a recent analysis by Santiment, Shiba Inu (SHIB) experienced a significant increase in new daily addresses created on Wednesday. Despite the lackluster price performance, the network consistently recorded over 2,500 new addresses per day in the past few weeks. Santiment suggests that the current focus on SHIB could be a sign of market saturation or a potential future decline. However, it could also rejuvenate a previously “under-the-radar” token.
It is worth noting that the daily active addresses for SHIB were unremarkable before this surge in interest, indicating a newfound demand for the token.
Shibarium Updates and Price Impact
Although the price of SHIB has experienced significant retracement this year, developments surrounding Shibarium updates have sparked small rallies for the memecoin. Recently, developer Shytoshi Kusama unveiled a new functionality that will impact non-fungible tokens (NFTs) within the upcoming Shibarium. Shibarium is a metaverse and NFT-focused layer 2 blockchain set to launch later this year.
According to the updates, Shibarium will feature blockchain gaming, decentralized entertainment, account abstraction, international governance, and more. These additions aim to push prices up and increase interest in SHIB. Furthermore, SHIB’s burn mechanism has slowly reduced the token supply, albeit without significant price reactions. The launch of the project’s layer 2 blockchain is expected to enhance its burn rate capacity to trillions each month.
While the SHIB community speculates about Shibarium’s potential to boost the burn rate, the ecosystem’s team has remained tight-lipped about any related information.
In summary, despite the fading memecoin resurgence, the Shiba Inu token (SHIB) continues to make waves. The SHIB network has witnessed significant growth, accompanied by a surge in new daily addresses. This newfound demand for SHIB could be a sign of market saturation or a catalyst for the token’s revival. Additionally, Shibarium updates have sparked small price rallies, and the launch of the layer 2 blockchain is anticipated to enhance the token’s burn rate capacity. As speculations about Shibarium’s impact on SHIB persist, the ecosystem’s team has chosen to keep information regarding this matter undisclosed.