SHIB Doing Good?

Are you under the impression that Shib is still a joke? You know, one of those regular memecoins?

Well, let’s just tell you that not everyone agrees. 

On August 9th, Kaiko, which describes itself as a service that is “providing trusted information, from all markets, on all networks”, wrote that “#SHIB is no joke. The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network.”

We checked data from Coingecko, and it turned out that in the past one month SHIB price went up by 34% despite losing 17.4% price-wise in a span of a year.

It seems like many users are also feeling good about memecoin. When asked about their sentiment toward it on Coingecko, 83% of them answered yes as opposed to 17%  of those who said they felt bad.

So how come all this excitement?

We checked out the potential reasons, and here they’re.

One of them is Shibarium, the layer-2 scaling solution, which is set to launch soon. It is slated to enhance transaction speeds as well as cut costs and increase $SHIB’s utility and reignite excitement post-launch.

Some exchanges like KuCoin are joining in on the party, further exciting the community. In a tweet made on Aug 12, 2023, the exchange wrote: “#Shibarium is expected to launch next week. Are you pawsitive for for $SHIB?”

This could also serve as a ripple effect with meme coins such as Wall Street Memes ($WSM) and Shibie Coin ($SHIBIE) capitalizing on this as a result. 

Still, don’t get too excited. According to data, only 767 merchants worldwide accept $SHIB. This figure could rise as a result of the Shibarium launch – but it’s no way a guarantee.

So, do your research before investing in anything.

Do you like SHIB? Let us know on Twitter via our handle @NewsGagarin.

Previously, GNcrypto reported that the Shibacal’s authenticity is confirmed.