- Shiba Inu (SHIB) showcases an impressive 20% return in a week, contrasting with Bitcoin’s subdued performance.
- The buzz around the impending launch of Shibarium, Shiba Inu’s blockchain, has catalyzed this recent upswing.
Blockchain Evolves: Shiba Inu’s Progressive Path
At a time when Bitcoin, the kingpin of the cryptocurrency world, showcased low volatility, Shiba Inu (SHIB) emerged as a dark horse, charting a commendable uptrend. In the span of just one week, SHIB provided a handsome 20% return to its holders. This remarkable performance found few parallels, with only rollbit (RLB) and unibot (UNIBOT) registering better returns due to specific stimulants.
#SHIB is no joke.
The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network. pic.twitter.com/mUfomDBVYB
— Kaiko (@KaikoData) August 9, 2023
Shiba Inu’s trading volumes spiked to a considerable $315 million within 24 hours last Thursday, a peak not seen since February. The surge wasn’t arbitrary. As per insights from crypto analytics stalwart, Kaiko, there’s been a discernible uptick in developer activities surrounding Shiba Inu, underpinning the price augmentations.
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The driving force behind this optimistic trading environment appears to be the imminent unveiling of Shibarium. This Shiba Inu-centric blockchain has got traders and investors excited. What bolstered the positive sentiment was an announcement by the developers. They intimated their decision to incorporate digital identity verification across all Shiba Inu projects, Shibarium included.
This identity verification process, termed as ‘self-sovereign identity’ (SSI), serves as the digital equivalent of conventional identity documents, such as passports. In a rapidly digitizing landscape, the SSI aims to empower users, granting them autonomy over their personal data and its subsequent dissemination online.
The Shiba Inu team acknowledges the burgeoning interest in digital identity and data privacy, especially in regions like Canada and the European Union. By aligning their offerings with these sentiments, they aim to elevate Shiba Inu from the common meme coin bracket to a project with more gravitas, making it compliant and resonating with other blockchain initiatives.
Echoing this progressive shift, Khaleelulla Baig, the co-founder of the Koinbasket crypto exchange, conveyed,
“Shiba Inu stands distinct among meme coins, boasting of a vibrant community. However, it lacked the endorsement of hardcore crypto aficionados due to its absence of a tangible use case. But, Shibarium’s launch undeniably signifies a constructive stride forward.”
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