Several developments and happenings in the Shiba Inu (SHIB) ecosystem continue to highlight the crypto token’s growth. These fundamentals also hint at SHIB’s price being primed for further moves to the upside.
The SHIB Army Is Resilient
Shiba Inu team member Ragnar drew the community’s attention to the rise in the number of SHIB’s long-term holders in less than a year despite the meme coin’s tepid price movement at some point. Data from the market intelligence platform IntoTheBlock showed that the number of addresses holding $10 million worth of SHIB has grown from 57 to 209 since June 2023.
Meanwhile, there has also been an uptick in the number of addresses holding $1 million worth of SHIB, with 1319 addresses falling under this category. This information underscores the SHIB community’s faith in the meme coin and how they have continued to remain bullish even when there wasn’t enough reason to do so.
In another X (formerly Twitter) post, Ragnar highlighted how Shiba Inu’s burning program and innovations to Shibarium are setting SHIB up for further growth. So far, SHIB Burns, a community initiative, has continued to positively impact the meme coin’s price whenever it is carried out.
These token burns have also increased with the help of the layer-2 network Shibarium, with the team committing to converting some of the network fees to SHIB and burning them. Meanwhile, with the advancements in Shibarium, network activity is expected to pick up again, which would ultimately lead to more SHIB tokens being burnt.
Shiba Inu Marketing Has Also Helped
The Shiba Inu team has also chosen not to rest on its laurels. They have continued to actively develop strategies to onboard new users into the ecosystem and maintain the bullish sentiment in the community. Shiba Inu’s Marketing Lead, Lucie, has led the way in this regard, actively promoting meme coin trading on Shibarium for some time now.
The reason for this isn’t farfetched, as the meme coin frenzy on networks like Solana and Base has attracted more users and caused network activity to skyrocket. As such, the team is no doubt looking to lure some meme coin investors to the Shibarium network in hopes that this will help the ecosystem gain more traction.
Their efforts already seem to be paying off, as their promotion of the ‘DAMN’ meme coin has led to a rise in the number of daily active users on WoofSwap, a decentralized exchange (DEX) on Shibarium.
At the time of writing, SHIB is trading at around $0.00002914, up over 5% in the last 24 hours according to data from CoinMarketCap.
SHIB bulls reclaim control of price | Source: SHIBUSDT on Tradingview.com
Featured image from Finbold, chart from Tradingview.com
