Shiba Inu Outperforms Dogecoin, Pepe Coin After This New Development — Here's Why It Is Up 3% Today

Shiba Inu SHIB/USD is up 3% in the last 24 hours, outperforming top meme cryptocurrencies such as Dogecoin DOGE/USD and Pepe Coin PEPE/USD.

What Happened:  The rise in spike comes after meme coin Shiba Inu's lead developer, on Wednesday, said it is planning to integrate Self-Sovereign Identity (SSI) into its protocols. The move is expected to enhance network security and provide users with more control over their digital identities.

DOGE was down 0.98% and PEPE dropped 2.01% in the last 24 hours, data from Benzinga Pro shows.

Shiba Inu’s integration of SSI is set to play a crucial role in all its future endeavors, including the upcoming Shibarium Layer 2 blockchain. The adoption of SSI signifies a model where individuals and businesses have sole ownership and control over their accounts and personal data, ensuring a secure and autonomous system.

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Why It Matters: Earlier this week, SHIB advisor Marcie Jastrow, said that the SHIB team is merely two weeks away from showcasing the SHIB Metaverse and the Shibarium. 

Data from IntoTheBlock shows that Shiba Inu has reached a milestone of 3.51 million addresses since its launch three years ago. The surge in activity began last month, witnessing a peak of 115% weekly growth in new SHIB addresses. This momentum has continued, with a 22% increase in the number of addresses over the past week. 

Price Action: At the time of writing, SHIB SHIB/USD was trading at $0.000008384, up 3.36% in the last 24 hours, according to Benzinga Pro.

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