"Dogecoin killer" Shiba Inu SHIB/USD is currently navigating a 7.7% dip but recent developments and a surge in total transactions signal a potential rebound for the memecoin.
What Happened: Shibarium scan data shows Shiba crossed the milestone of 400 million total transactions, showcasing a robust level of activity within its ecosystem driven by low fees.
Shibarium's rapid growth is noteworthy, having reached one million addresses on the mainnet in just 18 days, outpacing other Layer-2 networks such as zkSync (71 days), Optimism (191 days) and Arbitrum (303 days).
Trending: Bitcoin To $100,000? Here's what gold bug Peter Schiff said could happen on Anthony Pompliano's podcast.
Moreover, new accounts surged to 261 as of March 6, from 218 as of March 5 and 57 as of March 4. Notably, the transaction success rate which implies the “successful transactions rate per day” rose to 0.99961.
A major announcement came with the official launch of Shiba Names, a new product by the Shibarium community in collaboration with domain name partner D3 Global. This feature allows users to secure unique Shiba Inu names for their Shibdentity, providing a personalized touch to the Shiba Inu ecosystem.
Payment can be made through cryptocurrency or even credit cards.
Also Read: Shiba Inu Ready For A Breather? Crypto Analyst Says 'SHIB Needs To Rest' After Touching Record High
Why It Matters: Despite the recent 7.7% dip, Shiba Inu remains a top asset in the eyes of many traders.
The meme coin's trading volume over the past 24 hours stands at $3.7 billion, placing it among some of the most liquid cryptocurrencies.
Dogecoin recorded $2.98 billion in trading volume, compared to Cardano’s $963.5 million, XRP’s $2.5 billion and BNB’s $3.2 billion.
Crypto trader Gem Sheriff sees the current movement of Shiba Inu as just the beginning of the bull run. He emphasizes the importance of setting higher goals during this bullish season.
Another crypto investor and trader describes the Shiba Inu chart as “nice and healthy," suggesting that while some traders are taking profits, others are viewing the dip as an opportunity for the next leg up.
Santiment data shows that following Bitcoin's recent rollercoaster ride after reaching new all-time highs, the market seems to have hit the reset button:
As the meme coin Shiba Inu continues to solidify its position in the top 10 cryptocurrencies, the community anticipates further developments and a possible rally soon.
Read Next: How Dogecoin, Shiba Inu Plan To Fight Off The Challenge Of Bonk, Dogwifhat
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
