The Shiba Inu army may be aiming for a moonshot as Shibarium’s development heats up and whales accumulate trillions of SHIB. That said, the price of SHIB is still way down from its all time highs. Unlike many other memecoins, SHIB has some utility, and a huge support base.
Will 2024 see SHIB move higher?
According to data from IntoTheBlock, Shiba Inu’s transaction volume surpassed 9 trillion SHIB, equivalent to $89.88 million, in the past 24 hours. This represents a record surge of 1288% in the last seven days. Nearly 80% of the volume came from larger transactions, suggesting that whales were accumulating.
Justin Sun reportedly joined the party on December 18. The founder of the TRON blockchain, Justin Sun, made a massive transfer of 577 billion SHIB tokens from Binance to his personal wallet. Sun then transferred another 70 billion SHIB, officially becoming the fourth-largest holder of SHIB.
SHIB Is All Over The Place
Meanwhile, the price of SHIB remains volatile, hovering around $0.00000932 with minimal changes in the past 24 hours. Towards the end of 2023, Shiba Inu enjoyed a price rally, successfully surpassing $0.00001, according to CoinGecko. However, this momentum fizzled out on January 3, 2024, coinciding with bearish sentiment surrounding the anticipated launch of spot Bitcoin ETFs.
The pessimistic anticipation wasn’t specific to SHIB; it impacted the entire crypto market. Bitcoin, for example, plunged from $45,500 to $40,800 before recovering above $43,000.
Shiba Inu’s marketing lead, Lucie, previously called for awareness and caution in the current market environment, especially for those holding altcoins like SHIB. The market is experiencing significant ups and downs as traders try to predict the outcome of the upcoming decision on the spot Bitcoin ETF. Lucie suggested that investors consider the risks and adjust their trading strategies accordingly.
Ecosystem Development And A Dedicated Community
While volatility remains high, Shiba Inu’s ecosystem development and dedicated community suggest continued potential for growth. The memecoin is actively expanding its utility beyond memes by creating real-world use cases and applications for SHIB.
A major highlight of Shiba Inu this year is Shibarium, a Layer 2 (L2) blockchain solution built specifically for the Shiba Inu (SHIB) ecosystem. In addition to offering lower fees and faster transactions, Shibarium incorporates a burn mechanism that permanently removes SHIB tokens from circulation.
Shibburn reported that Shiba Inu experienced a significant surge in its burn rate, witnessing a remarkable 2,274% increase on January 5. This upward trend follows the burning of 25 million SHIB tokens throughout December.
With Shibarium’s autonomous burning mechanism, the development team expects to accelerate the burn rate of SHIB tokens, thereby reducing the overall supply. Scarcity drives value, so a decrease in supply could potentially boost the price of SHIB.
Shiba Inu also announced plans to launch a decentralized stablecoin called SHI. This token will be utilized on the second-layer blockchain network Shibarium. The SHI stablecoin aims to bring additional value and applications to the Shiba Inu ecosystem, and it will be pegged securely at $1.
Besides, Shiba Inu is set to introduce the “.shib” domain in collaboration with domain registrar D3. This move includes registering the domain with ICANN, the global body overseeing internet domains. While traditional domains like “.xyz” and “.app” require ICANN approval, crypto domains, which act as personal identifiers in the blockchain, don’t integrate with standard internet tools like browsers or email.
In November last year, Shiba Inu launched the SNS (SHIB Name Service) domain on Shibarium L2. With the D3 partnership, SNS will transition to D3’s infrastructure. Like the Ethereum Name Service, SNS simplifies wallet addresses into memorable domains, enhancing digital identity verification across the Shiba Inu and Shibarium platforms.
Despite market uncertainty, the Shiba Inu army expects the SHIB token to reach new heights with these multifaceted developments.