Shiba Inu SHIB/USD is making waves with impressive gains, thanks to strengthening community developments and a surge in daily transactions, with positive momentum setting the stage for a bullish run ahead of the highly anticipated Bitcoin Halving event.
What Happened: Ryoshi Network in an April 15 post on X announced a decentralized building initiative for Shiba Inu, emphasizing its goal to become a community-driven L2 ecosystem that utilizes SHIB as gas.
This move aims to provide the Shib army with access to a range of DeFi utilities. The network stated, “We need a viable mainnet where projects can deploy, and users can participate.”
In another development, Shiba Inu has joined the Web3 Summit Dubai as a sponsor. The event is expected to attract more than 3,000 attendees and will feature nearly 100 distinguished speakers.
Lucie, Shiba Inu’s investor and marketing lead, shared her new personal policy for investing in Shibarium projects. She highlighted several key factors to consider, such as project burn rates, plans to build in the Metaverse, the use of Leash, and updates on BONE.
According to U.Today, citing data from IntoTheBlock, Shiba Inu’s large holders saw a significant inflow of 2.85 trillion tokens in just 24 hours as of April 14.
Why It Matters: Over the past four days, Shiba Inu’s daily transactions have skyrocketed by an impressive 7,351%, reaching 419,520 as of April 14, based on Shibarium scan data. The number of active addresses also jumped to 25,804 as of April 14, up from 14,321 on April 13.
Shibarium, which has been making waves with its recent developments, has also seen an increase in new transactions, rising from 347,458 to 419,517 during the same period.
IntoTheBlock data reveals that daily active addresses have grown by 6.9% in the past 24 hours, while large transaction volume has remained stable at $154.5 million.
According to Shibburn data, a single transaction of 6.7 million SHIB tokens was burnt on Monday, further contributing to the positive sentiment surrounding the meme coin.
Price Action: SHIB is up 3% on the day, trading at $0.00002239 at the time of writing.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: 14.8 Trillion Shiba Inu Tokens Liquidated In Just 24 Hours Amid Market Downturn
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