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Shiba Inu Trading Volume Sees a Spike in Activity

Author

John Asher

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Reading time

2 mins
Last update

Author

John Asher

Tags

Category

Breaking

Reading time

2 mins
Last update

Author

John Asher

Tags

Reading time

2 mins
Last update

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Shiba Inu is a well-known meme and cryptocurrency that has gained widespread recognition and become a household name. Shiba Inu activity has increased by 77% over the last 24 hours as it gets closer to the launch of the upcoming Shibarium.

Shiba Inu Sees a 77% Spike in Activity Over the Last 24 Hours

There has been a significant increase in the trading volume of Shiba Inu over the last 24 hours, with a 77% increase in activity and there has been increased interest in the dog-themed token as its action has been on the higher side.

According to WhaleStats data, the Shiba Inu token has become one of the ten most popular Ethereum-based assets among large Ethereum whales over the past 24 hours. As well as being one of the leading Ethereum-based tokens by trading volume among the top 100 whales.

The meme-inspired cryptocurrency is one of the most popular tokens among top Ethereum blockchain whales not including Ethereum (ETH), behind stablecoins USDC, BUSD, and USDC. Behind Chilliz (CHZ), wrapped Bitcoin (WBTC) and Curve’s CRV token.

Shibarium: The Highly Anticipated Scalability Platform for Shiba Inu

Shiba Inu developers are working to expand the Shiba Inu ecosystem. The most eagerly awaited development for Shiba Inu is its scalability platform, Shibarium. Shibarium is a layer-2 solution that sits on top of an already existing (Ethereum) blockchain. It was originally proposed by Ryoshi, the creator of Shiba Inu. Shibarium offers many benefits to users, including higher throughput, lower fees, token utility, and more. 

Prior to the release of Shibarium, speculations regarding other tokens’ participation in the SHIB network surfaced. The SHIB network will only use the BONE utility token to pay gas costs, which are fees attached to transactions. The team wrote that there will be no other tokens needed to operate within the protocol.

BONE is gaining attention and returned 38.7% to traders in the past week, with a 9.6% rise in the past 24 hours.  As of the time of writing, Shiba Inu is the 16th most popular cryptocurrency by market capitalization, currently trading at $0.000008413 up by 0.50% in the past 24 hours.