Investors on social media are talking about how this movement in SHIB and other popular meme coins could herald the next bull run in the cryptocurrency market. The market value of Shiba Inu exceeded $13.4 billion and daily trading volume reached almost $400 million. This data shows that investor interest in SHIB is increasing and the ecosystem is maturing.

Alongside the price increase, the number of transactions on the Shiba Inu network has also increased significantly. With the network upgrades, SHIB has experienced a significant jump in daily trading volume and the number of new active accounts. Additionally, crypto lending platform Nexo’s announcement to add SHIB to its platform further excited bulls and small investors.

IntoTheBlock data reveals a 382% increase in SHIB transactions. This shows that the use of the network is increasing and investor interest in SHIB is increasing. Additionally, the number of active addresses increased by 11%. This data means more users are transferring or storing SHIB. Interestingly enough, transactions over $100,000 have doubled in the last 48 hours. This shows that big investors are also starting to show interest in SHIB.

The team behind Shiba Inu is not sitting idle. Shibariumscan data shows that the number of active users increased from 977 to 1,493. This increase proves the community’s increasing commitment to the SHIB ecosystem. The platform emphasizes that Shiba Inu has become more than just a fun meme coin, but has beneficial use cases for the community. The token swap and liquidity provision platform called ShibaSwap attracts great attention from the community with its new updates.

In recent weeks, SHIB’s burn rate has positively affected the price of the asset. SHIB burning is a mechanism that aims to increase the value of the asset by reducing the circulating supply. After burning 82 million coins, SHIB’s burn rate increased by 4,100%. This suggests that demand could potentially increase as supply decreases.

Shiba Inu remains the second largest meme coin in terms of market cap. Although it lags behind Dogecoin in long-term growth, it has recently been rising above DOGE. However, there is also activity on the Dogecoin front. Despite the rise in SHIB, Dogecoin’s weekly momentum continues to outpace the asset. DOGE gained 18.5% this week as its community predicted a rally to $1. However, on the other hand, it lost 7% of its value in the last 24 hours. This may suggest that there is a short-term profit taking in the Dogecoin market.

Although it is difficult to predict how SHIB will perform in the coming days, recent developments are positive. Network usage is increasing, the community is expanding, and the SHIB ecosystem is evolving. These factors may pave the way for the SHIB price to gain upward momentum in the future.