Shiba Inu (SHIB), a prominent meme coin in the cryptocurrency space, has been making waves with its impressive rally since the beginning of July.
With a remarkable 30% surge over the past month, SHIB has captured the attention of the meme coin community, outperforming even the well-known Dogecoin (DOGE) which gained 16% during the same period.
Among the multitude of factors contributing to Shiba Inu’s recent rally, the surge in developer activity on its blockchain network stands out as a significant driver.
According to insights from Kaiko, SHIB has experienced a notable 25% increase “since July 1st following a wave of developer activity on the network,” as highlighted by the digital asset data provider on August 9.
This surge in developer engagement coincides with the upcoming launch of Shibarium, a highly anticipated upgrade set to revolutionize Shiba Inu’s ecosystem.
Shibarium, a pivotal undertaking within the meme crypto’s ecosystem, promises a host of benefits for Shiba Inu. This upgrade is expected to usher in faster and more cost-effective transactions, heightened scalability, and improved network security.
These enhancements are poised to position Shiba Inu as a more versatile cryptocurrency, capable of catering to a broader range of use cases.
The introduction of Shibarium could potentially stimulate a surge in demand for SHIB, consequently paving the way for a fresh price breakout.