After an increase of almost 400%, Shiba Inu is consolidating itself with strategic launches and growth of Shibarium.
Shiba Inu (SHIB) has been on a rollercoaster ride in recent weeks, surging 385% before experiencing a slight correction. Despite this, the project remains optimistic, driven by a new product launch, growing adoption and an increase in transaction volume on its layer 2 solution, Shibarium.
In early March, Shiba Inu, along with other memecoins like DOGE and BONK, recorded triple-digit rallies. Capitalizing on this momentum, the SHIB team launched “SHIB Names,” a service that provides users with unique and identifiable wallet addresses, positioning itself as a competitor to the Ethereum Name Service (ENS). This strategic move aims to improve user experience and potentially drive wider adoption of the SHIB token.
While the long-term impact of SHIB Names is yet to be determined, early signs suggest optimism from traders. Positive funding rates in derivatives markets indicate that many traders anticipate a price increase due to the launch. SHIB price remained stable above $0.00003, suggesting possible support from bullish investors.
