Shiba Inu Dominates Crypto Market with 10 Million Transactions in Q1 2023
|Shiba Inu started experiencing a surge in transactions since mid-May, coinciding with the release of an Ethereum-based layer2 network built to enhance the Shiba Inu ecosystem.|
Shiba Inu, the adorable canine-themed cryptocurrency, has witnessed a remarkable surge in transaction volume over the past few months. During the first quarter of 2023, the number of transactions skyrocketed, reaching an impressive 10 million.
The surge in transactions on the Shiba Inu Shibarium testnet is a clear indication of widespread adoption and usage in the crypto market, as stated by Puppyscan, a crypto analyst from Puppynet.
According to a report from Puppyscan, quoted by Beincrypto, the rise in Shiba Inu transactions began in mid-May, coinciding with the release of an Ethereum-based layer2 network designed to enhance the Shiba Inu ecosystem.
As a result, the transaction costs for this meme-inspired digital asset have become significantly cheaper compared to other cryptocurrencies.
The network upgrade not only reduces production costs but also aims to foster the development of a more dynamic Shiba Inu ecosystem.
Although the network has not yet undergone full-scale testing, several compact wallet addresses have started transacting with Shiba Inu coins after the announcement.
The transaction volume has surged over 300,000 times, despite the recent bear market threat that has affected the cryptocurrency market.
It remains uncertain how long Shiba Inu's charm will continue to thrive in the safe zone, but based on the circulating information, the surge in Shiba transactions is predicted to persist, especially considering its recent status as the most popular cryptocurrency in America.
Moreover, in 2023 alone, the number of investors flocking to adopt this coin has skyrocketed by 60.7 percent.
The positive response has propelled the value of Shiba tokens to increase tenfold from its lowest price. In early February, Shiba was valued at a mere 0.000000001513 US dollars.
For reference, according to Coinmarketcap, as of Tuesday (May 23, 2023), one Shiba Inu token is priced at 0.000009032 US dollars.
It's worth noting that the maximum supply for this meme-inspired canine token is set at 1 quadrillion.