The overall valuation of the crypto market shot back to the trillion dollar mark from the $800 billion mark in the first 23 days of January, with more and more people entering the virtual digital asset sector. In its new report, on-chain analytics firm Nansen said that Shiba Inu has emerged as the top choice for newcomers to start crypto investing. The memecoin, which has historically been lower than its rival the dogecoin, could attract investors with its lower price.
Over the past seven days, $56 million (around Rs. 455 billion) worth of SHIB tokens have been wired into over 12,000 crypto wallets, a CryptoPotato Report citing Nansen’s data.
At the time of writing, SHIB was trading at $0.000012 (approximately Rs.0.000984) with a small gain of 0.86 percent, according to Gadgets 360’s Crypto price tracker.
There are currently over 549 trillion SHIB tokens in circulation, the cumulative amount of which reaches US$6.63 billion (approx. Rs. 53,999 billion). CoinMarketCap data shows.
Shiba Inu is also the only one to emerge ERC-20 token crypto most appear in transactions on the Ethereum parent chain.
The memecoin recently popped up also in India among the popular crypto options.
More recently, SHIB’s popularity has led to its inclusion in the list Crypto ATMsand payment options from crypto-accepting companies such as AMC cinemas in the USA.
To expand the ecosystem, Shiba Inu developers are trying their hand at different 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, which supports the SHIB ecosystem as the mother blockchain.
With the launch of the Shibarium Layer 2 network, the SHIB team expects to increase its transaction speed, support emerging blockchain projects, and enable the unification of NFTs with its ecosystem.
The Shiba Inu developers announced this last October Shiba Inu Metaverse, currently codenamed Shiberse. It will be a real estate metaverse project where people can buy digital lots from Shiba Lands and build games as well as their virtual identities.
Originally created as a joke rival DogecoinsSHIB was launched in August 2020.
The SHIB token became the 11th largest cryptocurrency coin by market value on October 25 last year, WatcherGuru reported.
