- A valuation of $17 billion and 1.4 million holders underscore the dominance of Shiba Inu over the Ethereum meme coin ecosystem.
- Growth of Shibarium boosts SHIB, as $1.6 million gets locked in projects, and on-chain burns increase.
- Institutional adoption of SHIB, including Kronos accepting it for payments, proves that the asset’s use case is expanding.
Shiba Inu still heads the charts as the number one meme coin within the Ethereum ecosystem. It comes with large-cap status, given its $17 billion valuation and $156 million in daily traded volume. It has almost 1.4 million holders on-chain—this goes a long way to show its strides in adoption.
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First, the network development and support from Ethereum’s co-founder, Vitalik Buterin, impressed people on the Shiba Inu. This has kept Shiba Inu relevant throughout the crypto bear market. Firmly powering SHIB were Shibarium layer two ecosystems.
As of this report, Shibarium is hosting a dozen web3 projects, with $1.6 million locked on the network. In essence, that increases the SHIB on-chain burn rate because of Shibarium adoption. Increasing the burn rate raises the value of existing tokens. The mass adoption of meme coins has made Shiba Inu attractive to more institutional investors. These are investors looking to diversify their crypto portfolios.
For instance, Kronos Advanced Technologies Inc. announced that it would also accept Shiba Inu as a means of payment. This development, according to Greg Rubin, CEO of Kronos, reflects the growing demand for alternative modes of payments, as outlined in the news release. Moreover, using Shiba Inu, Kronos customers will instantly be offered a 10% discount on their order by applying the coupon code “SHIBARMY10.”.
Market Performance and Outlook Ahead
That means that Shiba Inu’s price has increased year over year from a bullish breakout of the crypto bear market in 2022. The cost of SHIB, against the US dollar, will, however, drop midway to retest the increasing macro logarithmic trend. At the same time, its middle-term dip is offset by SHIB’s ongoing development and interest from institutional investors that fill its long-term outlook.
The development of the Shibarium ecosystem is a chief element of SHIB’s future growth. Hence, with increased locking of value on Shibarium could come further improvement in SHIB’s on-chain metrics. Therefore, Shiba Inu will continue to strengthen its position among the top-ranked meme coins within the crypto market. The Shiba Inu has undertaken resilience amidst tides of new meme coins, which most rightfully proves that fundamentals are solid.
Support from the Ethereum Co-founder and real growth in Shibarium constitute other factors behind its relevance. On top of this, increased interest from institutional investors and more extensive adoption make SHIB’s future look very bright. While moving through the crypto landscape, Shiba Inu has retained its place as one of the leading contenders in the niche area of meme coins.
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