With a market value as the second-largest memecoin, Shiba Inu (SHIB) has significantly increased its value with a remarkable 250% price increase over the last two weeks due to its growing popularity. SHIB, which recently surpassed a market value of 25 billion dollars, is facing great interest in the world of cryptocurrency.
Daily Active Wallet Address Count Increases Twentyfold
The fundamental indicators in the SHIB ecosystem are showing a notable uptrend, signaling increased activity and interest among users. According to data from the on-chain data platform IntoTheBlock, the number of daily active wallet addresses associated with SHIB has increased since the beginning of March, reaching about twenty times the average of the previous month.
Data provided by IntoTheBlock shows that the number of daily active wallet addresses for Shiba Inu reached up to 21,000 at one point this week.
Network Token Burning Mechanism and Support from Shibarium
The token burning mechanism in Shiba Inu and the implementation of Shibarium, a Layer-2 network solution, have supported the revitalization of the network. Reports indicate that approximately 643 million SHIB tokens were burned in February, resulting in a 30,000% increase in the token burn rate on March 2nd. Additionally, the total number of transactions on Shibarium has exceeded 400 million, indicating increased network activity.
The Shibarium network, officially launched in August of the previous year, aims to enhance the Shiba Inu ecosystem by increasing speed, reducing transaction fees, and providing overall optimum efficiency. The platform’s growing adoption and development support the SHIB ecosystem and encourage further growth.
While all these developments continue, there is an expectation that SHIB’s price may respond positively and could reach all-time highs in the short term. Moreover, factors such as the planned Bitcoin block reward halving in April and the general hype surrounding the memecoin sector could further strengthen SHIB’s momentum and market performance.
