Shiba Inu (SHIB) Tokens Surge 20% Amid Lowest Bitcoin Volatility

Shiba Inu Tokens Outperforming in Low Volatility Market

Shiba Inu (SHIB) tokens have seen a 20% return over the past week, outperforming bitcoin (BTC) and ether (ETH) in the low volatility market. This comes as trading volumes hit their highest point since February, reaching $315 million in a 24-hour period. Increased developer activity on Shiba Inu suggests that these gains were not without cause.

Traders Anticipate Launch of Shibarium

Traders of the meme coin, Shiba Inu, are likely buying tokens ahead of the expected launch of Shibarium, a Shiba Inu-based blockchain, later this month. The recent bullish sentiment also comes as developers announced plans to tie digital identity verification to all Shiba Inu developments, including on Shibarium. This move positions Shiba Inu as a more serious and compliant project compared to other blockchains.

Self-Sovereign Identity and Data Protection

Developers of Shiba Inu have introduced self-sovereign identity (SSI) for users, which gives them more control over their personal data and its distribution online. This move aligns with the rising interest in digital identities and data protection in Canada and the European Union, further solidifying Shiba Inu’s position in the market.

Focus on Metaverse and Gaming Applications

Shibarium, the upcoming blockchain, will have a focus on metaverse and gaming applications. As the non-fungible token (NFT) sector is expected to grow in the coming years, the testing blockchain for Shibarium has already seen significant activity with 27 million transactions from an estimated 16 million wallets as of July.

Hot Take

Shiba Inu tokens have been performing exceptionally well, surpassing major cryptocurrencies in a low volatility market. The anticipation for the launch of Shibarium and the introduction of self-sovereign identity highlight the project’s potential for success. With a focus on metaverse and gaming applications, Shiba Inu is well-positioned to capitalize on the growing NFT sector. Investors and traders should keep a close eye on this meme coin as it continues to make waves in the crypto market.