- Shiba Inu (SHIB) has gained attention from whale investors due to global banking sector instability and rising worldwide inflation.
- The Shiba Inu ecosystem has grown significantly, with the development of the Shibarium layer 2 scaling solution and the community pushing for real-world use cases.
The Shiba Inu (SHIB) meme coin has gained massive attention from whale investors as the global banking sector experiences instability and worldwide inflation rises. According to on-chain data, the Shiba Inu coin boasts over 1,330,370 holders, including centralized cryptocurrency exchanges like Binance, OKex, Gate.io, Crypto.com, and Poloniex, among others. However, it is the unnamed individual whales that add excitement to the Shibarmy.
The Shiba Inu community has gained confidence in liquidity provision on centralized and decentralized exchanges, with Shiba Inu reporting a 24-hour total trading volume of approximately $221,834,452. Additionally, the ShibaSwap ecosystem has grown significantly by connecting with multiple chains to allow users to swap digital assets seamlessly.
Moreover, the Shiba Inu community is thrilled with the development of the Shibarium layer 2 scaling solution, which brings many advantages to the network, including more transaction burns. The ecosystem takes transaction burns seriously, with approximately 410,341,407,182,067.20 SHIB, representing about 41.03 percent of the total supply, already burned. Over 834,804,461 Shiba Inu coins have been burned in the past seven days, according to SHIB burn tracker Shibburn.
While the Shiba Inu ecosystem has largely grown through speculation, the community understands that this alone cannot fuel the coin to $0.1. As competition in meme coins significantly spikes, the Shiba Inu community has been pushing for real-world use cases, including being used as a payment form for retail businesses. In the latest developments, Shiba Inu holders can now use the meme coin in Burger King, an American-based multinational chain of hamburger fast food restaurants. Shiba Inu, among other crypto assets supported by Binance Pay and Alchemy Pay, can be used to pay for Instapower power bank rentals on the restaurant chains.
In summary, Shiba Inu (SHIB) has gained attention from whale investors and grown its ecosystem, with the community pushing for real-world use cases to further drive its success.
Shiba Inu growing popularity
The growing attention from whale investors towards Shiba Inu (SHIB) comes as no surprise, given the instability in the global banking sector and the rising worldwide inflation. With over 1,330,370 holders, including centralized cryptocurrency exchanges such as Binance, OKex, Gate.io, Crypto.com, and Poloniex, the Shiba Inu coin has become the second-largest meme coin.
What sets Shiba Inu apart is the involvement of individual whales who add excitement to the Shibarmy. These whales play a significant role in driving the growth of the ecosystem, which has gained confidence in liquidity provision on both centralized and decentralized exchanges.
The ShibaSwap ecosystem has grown considerably by connecting with multiple chains, enabling users to swap digital assets seamlessly. The development of the Shibarium layer 2 scaling solution has brought many advantages to the network, including more transaction burns, a concept taken seriously in the Shiba Inu ecosystem. With approximately 410,341,407,182,067.20 SHIB, representing about 41.03 percent of the total supply already burned, the Shiba Inu community is enthusiastic about further burns.
Despite growing through speculation, the Shiba Inu community understands that real-world use cases are necessary to take the coin to the next level. Competition in meme coins is fierce, and the community has been pushing for real-world use cases, including payment forms for retail businesses. In a significant development, Shiba Inu holders can now use the meme coin to pay for Instapower power bank rentals in Burger King, an American-based multinational chain of hamburger fast food restaurants.
Shiba Inu is now among the top 20 digital assets by market capitalization, with its price up nearly 20 million in percentage value from its all-time low of around $0.000000000056366 back in November 2020. However, the Ethereum-based meme coin is down over 87 percent from its ATH of around $0.00008616, achieved in October 2021.
