• Shiba Inu has experienced a 41% rally in the monthly time frame thanks to renewed investor sentiment in cryptocurrencies.
• SHIB compared to other meme coins is second in terms of social score, behind DOGE by a few percentages.
• Recent news shows that Kusama recently confirmed a 3 trillion burn, marking the end of one of the ecosystem’s goals.
Cryptocurrency markets have seen a renewed wave of investor enthusiasm in recent weeks, with major coins like Bitcoin and Ethereum regaining ground lost when the FTX exchange collapsed. One of the tokens that has benefitted from this surge in investor sentiment is Shiba Inu (SHIB), which has seen its value rise by an impressive 41% in the last month.
SHIB has been dubbed the “DOGE-killer” for its high correlation with Bitcoin and Ethereum, and its recent network upgrade, Shibarium, has only further boosted its popularity. The token is currently trading at a market cap of $6.8 billion, second only to DOGE at $5 billion. According to The Gem Hunters, a crypto research Twitter account, Shiba Inu is second in terms of social score, only behind DOGE by a few percentages. This can be a sign that the supposedly DOGE-killer still has a long way to go in dethroning the king of meme coins.
However, despite its impressive rally, the token has recently entered a sideways market movement ahead of its Shibarium upgrade. It remains to be seen whether SHIB will be able to continue its rally or if it will experience some pain.
The future of SHIB is looking bright, however, with recent news showing that Kusama recently confirmed a 3 trillion burn, marking the end of one of the ecosystem’s goals. Shytoshi also recently teased a new project involving SHIB, which could have a major impact on the token’s future value.
In short, the future of Shiba Inu looks promising, with the token in a good position to continue its rally and possibly dethrone DOGE as the king of meme coins. With the upcoming Shibarium upgrade and Shytoshi’s new project, it is only a matter of time before SHIB takes its rightful place at the top of the cryptocurrency markets.