HomeNewsCrypto Underdog No More: Shiba Inu Rallies Past Bitcoin, Dogecoin, and PEPE

Crypto Underdog No More: Shiba Inu Rallies Past Bitcoin, Dogecoin, and PEPE

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  • Shiba Inu coin (SHIB) outshines Dogecoin and Pepe Coin with a 3% surge, spurred by the announcement of integrating Self-Sovereign Identity (SSI) into its protocols.
  • Shiba Inu’s Layer 2 platform, Shibarium, is reaching a significant milestone with 34 million total transactions recorded on the testnet, Puppynet, marking rapid growth.

In a highly competitive meme cryptocurrency market, Shiba Inu (SHIB) has emerged as the standout performer with a 3% surge within the last 24 hours. The coin has managed to surpass the growth of renowned meme cryptocurrencies such as Dogecoin and Pepe Coin, setting a new standard in this volatile space.

A Deeper Dive into the Shiba Inu Uptick

This unexpected rise in Shiba Inu’s value is a direct consequence of a major strategic development. The lead developer of this popular meme coin announced on Wednesday their intention to integrate Self-Sovereign Identity (SSI) into Shiba Inu’s protocols. This incorporation of SSI is poised to enhance the network’s security while affording users greater control over their digital identities.

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The beauty of SSI is in its decentralized nature, enabling individuals and businesses to have sole ownership and control over their accounts and personal data. This significant shift propels the blockchain landscape into a future where systems are secure and autonomy is ensured. Shiba Inu’s forthcoming Shibarium Layer 2 blockchain stands to benefit immensely from this integration, given that SSI is set to play a crucial role in all its future endeavors.

Shibarium: A Rising Star in the Blockchain Universe

Shiba Inu’s Layer 2 platform, Shibarium, has hit another noteworthy milestone. As revealed by the lead of Shiba Inu, Shytoshi Kusama, a significant update is due before the mainnet launch. The testnet, known as Puppynet, has impressively recorded 34 million total transactions, indicating remarkable growth and potential.

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Puppyscan data reveals the total number of transactions on the Shibarium testnet has surged to 34,103,383, displaying a rapid rise in its utility. Concurrently, the number of blocks has swelled to 1,938,771, and total wallet addresses have hit 17,063,326, marking significant progress.

While the crypto market remains in a bearish state, with the looming potential of a recession in the second half of the year, Shiba Inu continues to tread its own path. The value of Shiba Inu currently stands at $0.000008338. It’s quite the leap to reach the $0.001 mark, requiring a monumental 13,000 percent increase. However, the future price of SHIB relies heavily on the extent of token burns executed by the Shibarium network. Should Shibarium engage in burning trillions of tokens annually, reaching $0.001 could be quicker than predicted.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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