Shiba Inu (SHIB) tokens have seen impressive returns of 20% over the past week, outperforming both Bitcoin (BTC) and Ethereum (ETH) which saw nominal gains. The surge in SHIB tokens is likely due to increased developer activity and the upcoming launch of Shibarium, a Shiba Inu-based blockchain, later this month. Developers have also announced plans to tie digital identity verification to all Shiba Inu developments, including Shibarium, in the form of self-sovereign identity (SSI). This could help position Shiba Inu as a more serious and compliant project compared to other blockchains. Additionally, Shibarium is expected to focus on metaverse and gaming applications, particularly in the Non-Fungible Token (NFT) sector. According to Crypto analytics firm Kaiko, trading volumes for SHIB tokens hit $315 million over a 24-hour period on Thursday, the highest point since February.
Traders of the meme coin, which is vying to be a decentralized finance powerhouse, are likely buying tokens ahead of the expected launch of Shibarium, a Shiba Inu-based blockchain, later this month, said developers.