Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
‘Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) is trading 5.3% lower on the day despite a surge in new transactions and active accounts.
What Happened: Lucie, marketing lead of Shiba Inu, announced that ShibaSwap, the DeFi platform integral to the Shiba Inu ecosystem, is expanding to operate on both the Shibarium and Ethereum networks. She emphasized that while the platform is growing, Bone will serve as the gas fee token for Shibarium.
ShibaSwap offers a variety of services, including staking, liquidity pools, and yield farming, all designed to increase the utility and functionality of the SHIB token ecosystem.
Meanwhile, a popular community builder, SHIB BPP, underscored the basic but effective economic principles driving SHIB’s price: supply and demand.
The massive circulating supply, coupled with regular token burns, reduces the overall supply, potentially leading to price increases. Demand is influenced by investor interest, media coverage, and wider market adoption, while market sentiment is swayed by the actions of large players, technological upgrades, or partnerships.
Also Read: Are Dogecoin And Shiba Inu Primed For The Next Leg Up?
Why It Matters: Despite a 5.3% decrease in Shiba Inu’s price, the trading volume over the past 24 hours increased significantly by 73.4% to $540.3 million. This suggests growing investor optimism within the community and continued confidence despite the price drop.
Shibarium scan data revealed a 144% increase in active accounts, reaching 3,839 as of April 28, up from 1,290 on April 27. Additionally, new transactions jumped 198% to 12,191 from 4,997.
IntoTheBlock data shows a 13.6% increase in daily active addresses to 5,570, with 61% of Shiba Inu holders currently in profit and 35% experiencing losses.
Price Action: At the time of writing, SHIB was trading at $0.00002349, down 5.3% over the past 24 hours.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: ‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 2,212%, As Robinhood Wallet Moves 3 Trillion SHIB In A Single Transaction
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