The price of the mem-inspired cryptocurrency Shiba Inu ($SHIB) has surged by more than 300% over the past week as the adoption of its layer-2 scaling solution keeps on growing and reaching new milestones.
The meme-inspired cryptocurrency is now trading at around $0.00004112 per token after moving up over 400% over the last six months amid a wider cryptocurrency market rally. The driving force behind SHIB’s recent, sudden surge remains unclear.
The surge coincides with a milestone for Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution. The network has surpassed 3.5 million blocks and is nearing 400 million transactions, with over 1.35 million wallet addresses, demonstrating growing adoption, according to Shibariumscan. Shibarium hit the 300 million transaction mark back in January of this year.
Further bolstering investor confidence, the Shiba Inu burn rate has witnessed a significant uptick, spiking by 90% in the past 24 hours and removing 130 million tokens from circulation.
Notably, SHIB recently saw a cryptocurrency whale shift their portfolio from a popular meme-inspired cryptocurrency that went up over 900% over the past year to bet on it.
On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE memecoin, a green frog-themed token that moved up exponentially over the past year.
The investor reportedly booked a $3.49 million gain and diversified their holdings into other cryptocurrencies after depositing nearly 2 trillion PEPE, worth over $6 million, onto leading cryptocurrency exchange Binance.
One notable allocation was into 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests the whale believes SHIB may offer more significant upside potential compared to PEPE.
Featured image via Unsplash.
