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.