The meme-inspired cryptocurrency Shiba Inu ($SHIB) has been seeing its price skyrocket over the last few weeks, to the point it has recently entered the top 10 largest digital assets by market capitalization ahead of Avalanche ($AVAX) and behind Dogecoin ($DOGE).
As recently reported, the price of SHIB moved up over 300% in a single week as its layer-2 scaling solution, Shibarium, started hitting new milestones. The network topped the 400 million transaction mark earlier this week as SHIB’s adoption grows. Shibarium hit the 300 million transaction mark back in January of this year.
The SHIB ecosystem has shown it’s buzzing with activity, with on-chain analytics service IntoTheBlock recently revealing that the daily active addresses for the SHIB token have skyrocketed since March began, far exceeding February’s levels. This metric peaked at a staggering 21,000 this week, nearly 20 times the daily average seen last month, seeing a surge of nearly 2,000%.
Notably, a cryptocurrency trader who bet 1.51 Ethereum ($ETH) on the meme-inspired cryptocurrency back in 2021 has, after hodling onto their funds, recently moved them to Nasdaq-listed cryptocurrency exchange Coinbase to secure a gain of 600,000%.
According to data from on-chain analysis service Lookonchain the trader, who bet $2.521 into the meme-inspired cryptocurrency to buy 49.8 billion tokens, has moved 40.5 billion tokens that had been staked for 2.6 years to the exchange to make around $1.58 million in gains.
Shiba Inu’s growth comes amid a wider cryptocurrency market rally that has been seeing other meme-inspired cryptocurrencies surge as well. The $PEPE memecoin, for example, has also recently surged over 160% over the past week to now have a total market capitalization of over $3.5 billion.
Featured image via Unsplash.
