The memecoin resurgence seems to have faded, but that hasn’t stopped the Shiba Inu (SHIB) token from stealing some of the limelight. On July 5, SHIB was one of the tokens with the highest transaction fees, indicating an increase in activity around it.
Recent data suggests that the SHIB network has registered significant growth. Another underlying trend that supports the bullish narrative is that the supply of assets on the stock markets is approaching the lowest level since 2022.
The buzz of the Shiba Inu market
according to the latest analysis performed by Santiment, Shiba Inu (SHIB) saw a large increase in new daily addresses created on Wednesday. Despite disappointing price performance, the network has consistently posted over 2,500 per day in recent weeks.
In a further assessment, the cryptanalysis firm said that the current focus on SHIB could be interpreted as a sign of market saturation or a potential future downturn. On the other hand, the trend could breathe new life into a previously “under the radar” token, according to Santiment.
It is also important to note that SHIB’s daily active addresses were mediocre prior to this spike in interest, essentially demonstrating “new” demand for the token.
The SHIB price has moved back a lot this year. But developments surrounding Shibarium updates have managed to catalyze small rallies for the memecoin. Recently, a new functionality was unveiled that will affect NFTs within the upcoming Shibarium: Metaverse and NFT-centric Layer 2 blockchain that is expected to go live later this year.
According to developer Shytoshi Kusama’s updates, the upcoming blockchain will include blockchain gaming, “decentralized” entertainment, account abstraction, and international governance, among others.
In an attempt to push prices up, the SHIB burn mechanism has been slowly reducing the supply of tokens. But the price has not reacted noticeably to the burns thus far. Therefore, the launch of layer 2 of the project is expected to increase its consumption rate capacity to trillions every month.
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This post Shiba Inu (SHIB) Memecoin Sees Renewed Market Demand: Analysis
was published first on https://cryptopotato.com/shiba-inu-shib-memecoin-sees-renewed-market-demand-analysis/