A lot of people are paying attention to Shiba Inu’s rise in crypto. On X, Shiba Inu (SHIB)’s lead figure said SHIB’s trading volume had surpassed big names like XRP and Solana. Also recently, Shiba Inu announced plans to add a new private network to their Shibarium blockchain, which would make SHIB tokens more valuable. And earlier today, they also warned the community about scams in an X post.
Shiba Inu’s trading vol. and the mic drop post
According to data from CoinMarketCap, Shiba Inu has surged boasting a massive $13.5 billion trading volume in the last 24 hours. This figure does surpass the combined trading volumes of XRP, BNB, and Solana which totaled approximately $12 billion during the same period.
In the tweet, Shytoshi Kusama highlighted, “TODAY #SHIB has more volume today than Bnb, Solana, and XRP COMBINED… by over a BILLION DOLLARS”
TODAY #SHIB has more volume today than Bnb, Solana, and XRP COMBINED… by over a BILLION DOLLARS. pic.twitter.com/YJVxs6z90m
— Shytoshi Kusama (@ShytoshiKusama) March 5, 2024
SHIB’s trading volume has surged 276% in the past week, propelling the meme-inspired cryptocurrency to the front of the pack. With a 336% rise in price over the past month, SHIB is ranked fifth among all cryptocurrencies in terms of trading volume.
Kusama also addressed the community on X yesterday about Shiba Inu’s progress and prospects. In spite of SHIB’s growth and increasing market capitalization, Kusama pointed out the project’s humble origins, highlighting its marketing efforts and budget restrictions. But Kusama hinted at a shift in strategy, saying Shiba Inu’s time has come.
Playing around with Dogecoin enthusiasts, Kusama indicated Shiba Inu’s intentions to challenge Dogecoin’s market dominance. Referring to the Shibarmy, Kusama hinted at plans to strengthen Shiba Inu’s position in the market, stating, “Still the Dogecoin killer.”
Surge in safety measures
As SHIB enjoys its significant milestone, concerns arise about its ability to maintain its newfound dominance. Unlike established tokens such as BNB, Solana, and XRP, which consistently see billions in trading volumes, SHIB’s current position is relatively uncharted territory. Currently trading at $0.00003987 with a 52% increase in just 24 hours, SHIB’s rapid rise raises questions about its sustainability.
Earlier today, SHIB’s official account issued a warning about scam links resembling theirs. “Beware of scams links below that seems like ours. Only click on links if you’re certain they’re safe. Double-check with shib.io and our official brand channels for verification” the post said.
This tweet concludes the thread. Beware of scams links below that seems like ours. Only click on links if you're certain they're safe. Double-check with https://t.co/56VsqOa2jt and our official brand channels for verification.
— Shib (@Shibtoken) March 5, 2024
Reports about Shiba Inu’s plans to introduce a new privacy-focused network on top of the Shibarium blockchain, surfaced last week. Aiming to enhance the value proposition of SHIB tokens with Shiba Inu collaborating with open-source cryptography company Zama on the development.
The new network will utilize Fully Homomorphic Encryption (FHE), a privacy tool that allows developers to use data on untrusted domains and doesn’t need decryption. While these precautions are in place, only time will reveal their effectiveness in safeguarding SHIB’s ecosystem and if there’s something more to all of it.
