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Shiba Inu

Shiba Inu On The Rise: Here Are The Latest Developments Driving Bullish Sentiment

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Several developments and happenings in the Shiba Inu (SHIB) ecosystem continue to highlight the crypto token’s growth. These fundamentals also hint at SHIB’s price being primed for further moves to the upside. 

The SHIB Army Is Resilient

Shiba Inu team member Ragnar drew the community’s attention to the rise in the number of SHIB’s long-term holders in less than a year despite the meme coin’s tepid price movement at some point. Data from the market intelligence platform IntoTheBlock showed that the number of addresses holding $10 million worth of SHIB has grown from 57 to 209 since June 2023. 

Related Reading: Dogecoin Price Action: Why A 10% Drop Would Cost Traders $66 Million

Meanwhile, there has also been an uptick in the number of addresses holding $1 million worth of SHIB, with 1319 addresses falling under this category. This information underscores the SHIB community’s faith in the meme coin and how they have continued to remain bullish even when there wasn’t enough reason to do so. 

In another X (formerly Twitter) post, Ragnar highlighted how Shiba Inu’s burning program and innovations to Shibarium are setting SHIB up for further growth. So far, SHIB Burns, a community initiative, has continued to positively impact the meme coin’s price whenever it is carried out. 

These token burns have also increased with the help of the layer-2 network Shibarium, with the team committing to converting some of the network fees to SHIB and burning them. Meanwhile, with the advancements in Shibarium, network activity is expected to pick up again, which would ultimately lead to more SHIB tokens being burnt. 

Shiba Inu Marketing Has Also Helped

The Shiba Inu team has also chosen not to rest on its laurels. They have continued to actively develop strategies to onboard new users into the ecosystem and maintain the bullish sentiment in the community. Shiba Inu’s Marketing Lead, Lucie, has led the way in this regard, actively promoting meme coin trading on Shibarium for some time now. 

Related Reading: Here’s Why The Dogecoin Price Surged Over The Weekend

The reason for this isn’t farfetched, as the meme coin frenzy on networks like Solana and Base has attracted more users and caused network activity to skyrocket. As such, the team is no doubt looking to lure some meme coin investors to the Shibarium network in hopes that this will help the ecosystem gain more traction. 

Their efforts already seem to be paying off, as their promotion of the ‘DAMN’ meme coin has led to a rise in the number of daily active users on WoofSwap, a decentralized exchange (DEX) on Shibarium. 

At the time of writing, SHIB is trading at around $0.00002914, up over 5% in the last 24 hours according to data from CoinMarketCap. 

Shiba Inu price chart from Tradingview.com

SHIB bulls reclaim control of price | Source: SHIBUSDT on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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