Some of the new investors who are new to cryptocurrencies owe a lot to meme coins. But why? Today, we will discuss the current state of the second largest meme coin and the importance of this area for new investors. Shiba Coin price will rise? What are the latest developments in Shibarium?
New Investors and Meme Coins
Many new investors who are introduced to crypto first turned to meme coins. Especially DOGE and Shiba Inu played a major role in bringing new investors to crypto. The reason for this is, of course, the parabolic rallies that skyrocket risk appetite.
The urge to make money is something entirely different, and even those who have no connection to crypto enter this area after seeing the thousands-fold increase in meme coins. When you ask the investors around you, you may hear that many of them entered this area, influenced by the parabolic rallies in meme coins. Meme coins contribute to the adoption with their numerous zeros in prices and abnormal growth during bull season.
I remember the days when Shiba Coin deleted four zeros in a short time in mid-2021. Everyone was talking about Shiba Coin, and with the listing on Binance, the price rose from the 9-10 zero level to the 4 zero level. It had already dropped most of the zeros before the listing.
Investors who made serious gains then turned to different meme coins and saw losses exceeding 99% from most of them, except for a few alternatives like Floki and PEPE. I remember altcoins that were said to be the next Shiba while Shiba Coin was deleting zeros. None of them are currently traded on major exchanges. This highlights the immense risk in the meme coin space.
50% Increase in Shibarium
I have been criticizing Shiba Coin’s layer2 solution for a long time, and I cannot say that it is still successful in attracting new users. However, there has been an interesting recovery in daily transactions, and if this continues, it may have implications for the price. In the last 24 hours, 43,690 transactions were carried out in Shibarium. This figure is more than 50% higher than the previous day.
Shibarium has also exceeded the four million limit in total transactions, but most of these transactions are from the initial launch period. The problem is that the network only attracted 23 new users yesterday, and this is not a signal of stable growth. While the increase in interest from existing users is positive, Shibarium needs notable protocols that will attract and bring in external investors.
