Memecoins

Will Shiba Inu’s rising adoption help the memecoin surge in 2024?

Though Shiba Inu’s ecosystem continues to expand, SHIB’s price drops by 2%.

Published

1 year ago

on

  • Shibarium’s total wallets and addresses continued to rise. 
  • SHIB’s weekly chart was red, but metrics looked bullish. 

Shiba Inu [SHIB] has witnessed an increase in adoption since the blockchain launched its much-awaited Shibarium. Though SHIB’s adoption was on the rise, the memecoin’s investors were not content. 

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

An increase in adoption in the bear market is generally positive, as its effects might be reflected during the next bull rally.

Shiba Inu adoption is on the rise.

Recently, online platform LaborX revealed that it has fully integrated Shiba Inu. Users can now pay or get paid in

Bone ShibaSwap [BONE], which is one of the main tokens of Shibarium.

This news came weeks after the blockchain finally launched Shibarium. Therefore, the layer-2 also must have played its part in helping Shiba Inu increase its adoption on a global scale.

As of now, Shibariumscan.io’s data pointed out that the total number of wallets of Shibarium reached 1.25 million, while the total number of transactions touched 3 million. At the time of writing, the layer-2 had produced 776k blocks with an average block time of five seconds.

Source: Shibariumscan.io

The integration happened while the memecoin’s price chart remained red. This could be attributed to the somewhat bearish market condition. According to CoinMarketCap, SHIB was down by more than 2% over the last seven days.

At press time, it was trading at $0.000007335 with a market capitalization of over $4.3 billion.

High development activity around blockchain in bear markets is generally perceived as a positive thing. This is so because new updates and developments help build trust and confidence in a crypto.

In fact, SHIB’s burn rate also remained relatively high over the last few months, which was also encouraging to see. According to Shibburn, more than 410 trillion SHIB tokens have been burned to date.

Realistic or not, here’s SHIB market cap in BTC’s terms  

Anything to look forward to in the short term?

Though SHIB’s press time price action was bearish, a few of the metrics revealed that the scenario might change soon. For instance, as per CryptoQuant, SHIB’s exchange reserve was decreasing, meaning that the token was not under selling pressure.

The total amount of SHIB holders also registered a gradual increase last week, reflecting investors’ confidence in the memecoin. Another optimistic metric was Shiba Inu’s MVRV ratio, which showed signs of improvement.

Source: Santiment

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