Crypto News

Shiba Inu (SHIB) Surges 30% Over a Month

SHIB has achieved a remarkable 30% gain over the past month

Shiba Inu (SHIB) has captured the imagination of the meme coin community with an impressive and relentless surge since the beginning of July.

Notably, SHIB has achieved a remarkable 30% gain over the past month, outperforming even the world’s largest meme cryptocurrency, Dogecoin (DOGE), which saw a 16% rise during the same period.

While a combination of factors has likely contributed to Shiba Inu’s surge, the spotlight is on the growing developer activity within its blockchain network, which has had a notably positive influence on its performance.

According to Kaiko, a leading digital asset data provider, SHIB has experienced a surge of more than 25% “since July 1st following a wave of developer activity on the network.”

This uptick in developer engagement comes ahead of a highly anticipated event in Shiba Inu’s ecosystem – the launch of Shibarium.

Shibarium, a significant upgrade for the Shiba Inu network, is poised to introduce a range of substantial benefits. These include faster and more cost-effective transactions, improved scalability, and enhanced network security.

With the forthcoming Shibarium upgrade, Shiba Inu is positioned to become a more versatile cryptocurrency, capable of catering to a wider array of use cases.

The potential for increased demand and a potential price breakout is becoming increasingly evident.

At the time of writing, SHIB was trading at $0.000009754, experiencing a minor 1.2% decline over the past 24 hours.

Over the course of the past week, SHIB has achieved an 18% rise, while on the monthly chart, the cryptocurrency has surged by over 29%.

This impressive performance has translated to an approximate addition of $1.3 billion in market capitalization during this period.

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Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.