The overall valuation of the crypto market skyrocketed from $800 billion to the trillion dollar mark in the first 23 days of January, with more people entering the virtual digital asset sector. In its new report, on-chain analytics firm Nansen said Shiba Inu has emerged as the top choice for newcomers to start crypto investing with. The memecoin, which is always priced lower than its rival, the Dogecoin, could attract investors with its lower price.
In the past seven days, SHIB tokens worth $56 million (roughly Rs. 455 crore) were plugged into more than 12,000 crypto wallets, a CryptoPotato report citing Nansen’s data.
At the time of writing, SHIB was trading at the price of $0.000012 (approximately Rs. 0.000984) with a small gain of 0.86 percent, according to Gadgets 360 crypto price tracker.
Currently, there are more than 549 trillion SHIB tokens in circulation, the cumulative amount of which reaches $6.63 billion (approximately Rs. 53,999 crore), CoinMarketCap Data shows.
Shiba Inu has also emerged as the single ERC-20 token crypto that is most prevalent on the Ethereum parent chain transactions.
The memecoin also recently emerged as one of the popular crypto choices in India.
In recent times, SHIB’s popularity has led to it being listed on crypto ATMs and payment options by crypto accepting companies such as AMC Theaters in the US.
In an effort to expand its ecosystem, the developers behind Shiba Inu are targeting various areas of the Web3 and blockchain sectors.
In the coming days, the developers of the SHIB coin will release a Layer-2 Shibarium sidechain on the Ethereum mainnet that supports the SHIB ecosystem as the parent blockchain.
With the launch of the Shibarium Layer-2 network, the SHIB team expects to improve the speed of transactions, support emerging blockchain projects and enable the unification of NFTs with its ecosystem.
Last October, the Shiba Inu developers announced the Shiba Inu Metaverse, currently codenamed Shiberse. It will be a real estate metaverse project where people can buy digital plots of Shiba Lands and build games, as well as their virtual identities.
Originally created as a prank rival to Dogecoin, SHIB was launched in August 2020.
The SHIB token became the 11th largest cryptocurrency coin by market value on October 25 last year, WatcherGuru reported.
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