According to CryptoPotato, Shiba Inu (SHIB) has experienced a significant 250% price surge over two weeks, with its market cap surpassing $25 billion. This increase is driven by more activity and interest in its ecosystem, including developments such as an increase in token burning and the growth of Shibarium. Shiba Inu, the second-largest meme coin, has been trending recently due to its exponential price increase.
Important indicators related to SHIB's ecosystem have also increased. Daily active addresses have soared since the beginning of March, significantly exceeding the figures observed in February. At one point this week, the metric peaked at 21,000, nearly 20 times above last month's daily average.
The Shiba Inu burning mechanism and the layer-2 blockchain solution, Shibarium, have also witnessed considerable resurgence. The burn rate exploded by 30,000 on March 2, while the total amount of tokens destroyed throughout February was around 643 million. Total transactions on Shibarium reached the 400 million milestone, with the number of wallet addresses on the network approaching 1.4 million and total blocks pushing above 3.5 million.
Shibarium, officially launched in August last year, is designed to boost the Shiba Inu ecosystem by enhancing speed, reducing transaction fees, and improving efficiency. SHIB's price could positively react to these developments and reach new peaks in the near future. It might also receive a boost from the upcoming Bitcoin halving, scheduled for April, and the overall frenzy in the meme coin sector.
