Shiba Inu (SHIB), the cryptocurrency that has captivated the world, is back in the spotlight with its challenge to shake the throne of major memecoin Dogecoin (DOGE).
The bold statement from the SHIB team rocked the crypto community. This declaration marks a watershed moment in the rivalry between these two meme-inspired cryptocurrencies, highlighting SHIB's ambition to not only compete, but also lead.
Looking forward, Shiba Inu's vision for 2024 is ambitious. The team aims to establish a sovereign digital identity system with the .SHIB Top Level domain (TLD), a move that will position SHIB Army as a pioneer in the Web3 community domain.
An important advantage for SHIB over DOGE is its evolution from an ERC-20 token on the Ethereum network into a self-sustaining ecosystem.
This transition allows Shiba Inu to develop and launch projects on its own blockchain, offering a wider range of utilities than Dogecoin's limited Proof of Work (PoW) consensus mechanism.
With no official development team behind DOGE, SHIB's proactive and innovative approach sets it apart, offering a glimpse into a future where Shiba Inu leads the memecoin segment.
Shiba Inu Becomes Second Favorite Crypto in Europe, Supporting Other Bullish Signals Bitcoinist reports that, SHIB's surge in popularity is particularly notable, given its position behind only $BTC in search popularity in several European countries, including Italy, Russia and France.
This widespread interest across the continent emphasizes Europe's role as a major hub for enthusiasts #SHIHBA and the crypto community more broadly.
The incredible rally in SHIB price, which saw a staggering 300 percent increase in just eight days in early March, has been the main catalyst for the enhanced visibility. This international appeal is indicative of SHIB's status as a global digital currency phenomenon that crosses geographic and cultural boundaries.
Central to SHIB's success is its dynamic and dedicated community, which has played a critical role in its rapid growth and widespread adoption.
The strength of the community was recently emphasized in a poll conducted by WazirX, where SHIB outperformed its meme-based crypto rival, securing 48 percent of the total votes, almost half.
This overwhelming support is a clear indication of the loyalty and engagement of the SHIB community, which continues to drive their popularity and market presence.
$SOL $SOL CCTP Circle on Solana will be Active, Will SOL Price Rally?
Solana (SOL) may be bracing for a potential price rally as Circle will launch a Cross-Chain Transfer Protocol (CCTP) utility on its blockchain on Tuesday. Considering the recent rise in SOL's on-chain metrics and the liquidity inflows enabled by CCTP, many believe that investors will continue their buying pressure on Solana and its ecosystem tokens.
Solana On-Chain Metrics Show Growth
Solana has shown tremendous growth in the past month following a crypto bull market and meme coin mania that sent its price to levels last seen in 2022. Record-breaking highs were seen in meme coins such as dogwifhat (WIF), Book of Meme (BOME ), Slerf (SLERF), etc., sent trading volume on blockchain smart contracts up more than 350% to $3.42 billion on March 16.
With such increased attention also came a significant increase of nearly 134% in total value to $4.67 billion on Tuesday, the highest in two years, according to data from DefiLlama.
Circle's CCTP Might Drive SOL Price
Stablecoins account for more than half of Solana's TVL as DEXs and yield-generating platforms gain traction. USDC accounts for 71% of these stablecoins as it is currently the most popular asset on Solana.
Even with the Solana ecosystem so strong, Circle, the parent company behind USDC, is looking to cement its dominance with the launch of the Cross-Chain Transfer Protocol (CCTP) on the blockchain on Tuesday. CCTP helps facilitate permissionless transfers of USDC across various blockchain networks through burning and minting methods, according to Circle. When CCTP launches, users will be able to transfer their USDC from other blockchain networks directly to Solana without going through a centralized exchange or third-party bridge. For example, users can transfer USDC