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Crypto data provider Kaiko recently highlighted significant growth in developer activity on the Shiba Inu (SHIB) network in a recent update, attributing the increase to the coin’s price surge since July 1st. According to Kaiko, the underlying factor behind the altcoin’s price increase is the growth in developer activity on the network.
The Rise of Shiba Inu
Kaiko reported that the growth in developer activity on the Shiba Inu network has led to a more than 25% increase in the altcoin’s price since July 1st. The data provider stated, “SHIB is no joke. The memecoin has seen an increase of over 25% since July 1st, following the rise in developer activity on the network.” Kaiko added in a separate note that Shiba Inu has surpassed its biggest competitor, Dogecoin (DOGE), with its performance since the beginning of July.
As evident from the strong price increase of SHIB since the beginning of August, it continues to outperform DOGE. Kaiko believes that this success is due to the increase in developer activity on Shiba Inu, which is supported by current news flow. Currently, Shiba Inu is in the process of preparing for significant developments, including the mainnet launch of Shibarium and the ecosystem rewards token Treat. As the metaverse of Shiba Inu is actively being developed, the developer team states that the SHIB community will start exploring this virtual world in some aspects by the end of the year.
Furthermore, Shiba Inu recently launched Self-Sovereign Identity (SSI), a brand new digital era that will be integrated into Shibarium and SHIB projects. Shiba Inu leader Shytoshi Kusama emphasized the endless possibilities brought by SHIB SSI when combined with Shibarium and other SHIB initiatives, making the situation even more exciting. Kusama stated that while SHIB SSI is building a strong ecosystem, it is actively being developed.
SHIB Price Performance
Shiba Inu’s service token SHIB has been steadily rising since hitting its lowest point at $0.000006 on June 10th. On-chain data platform Santiment reported that as the price of the altcoin rises, wallets holding 10 million to 100 billion SHIB, belonging to shark and dolphin class addresses, have entered accumulation mode and accumulated a significant amount of SHIB.
As the price continues to rise, SHIB has also managed to surpass the $0.0000081 barrier. Currently, Shiba Inu is trading just below the main resistance level of $0.000010, at $0.000009878. If this main resistance level is also overcome, a move towards $0.000011 could be observed.
