The Shiba Inu ecosystem is moving beyond its meme coin origins with the launch of a new identity protocol that prioritizes Self-Sovereign Identity (SSI). This will be integrated into the upcoming layer-2 network Shibarium, allowing users to maintain control over their digital identity without the influence of third parties. SSI lets users store their identity data in a digital wallet, providing increased data security, privacy, and protection. The implementation of digital identity will take place on a "Shib Super App" where every Shibarium dApp can be onboarded, as part of the plan for perpetual decentralization.

The Shibarium beta has set a new record for the number of transactions conducted by users on Puppynet, reaching 34.5 million. The count of wallet addresses linked remains almost unchanged at 17 million, with around 1,000 added over the past month. The Shibburn platform reports that the SHIB army has burned over 60 million SHIB in the last 24 hours, pushing the burn rate up by 51%. Shiba Inu has reached a new all-time high in terms of wallets, with 3.51 million wallets holding the coin. 

 The Shiba Inu ecosystem will connect all applications to a blockchain-based digital identity to build trust among SHIB users and governments. The project is striving to become a serious decentralized finance (DeFi) contender in a crowded blockchain market and is working with community projects to prioritize the deployment of Self-Sovereign Identity (SSI). 

According to data from IntoTheBlock, large holders of Shiba Inu, also known as whales, have shifted billions of SHIB in the past 24 hours, resulting in a massive transaction volume of 1.13 trillion SHIB. The Large Transactions Volume metric on IntoTheBlock provides an overall idea of the amount transacted by whales in a single day, with large transactions being classified as any transfers exceeding $100,000. Shiba Inu's ecosystem tokens BONE and LEASH have experienced significant growth in the past 24 hours, with BONE up 8.68% to $1.64 and LEASH up 12% to $487. Additionally, Bitcoiner "Davinci Jeremie" expressed optimism for SHIB ahead of the Shibarium launch, predicting that big things are coming for the cryptocurrency.

Marcie Jastrow, the metaverse advisor for Shiba Inu, announced on Twitter that she will be speaking at the Blockchain Futurist Conference in Toronto on August 15-16. She highlighted that the SHIB community is only two weeks away from presenting the SHIB Metaverse to the world. Lead developer Shytoshi Kusama will also be speaking at the conference, using an AI-based app to mask his identity. The conference is expected to showcase all major SHIB-related projects and partners, including the launch of the much-anticipated Layer 2 blockchain Shibarium.

The Shiba Inu (SHIB) ecosystem has a strong growth trend, with data from IntoTheBlock showing bullish momentum in large transactions, which have increased by almost 10% in the past week. SHIB whales have traded up to $12.65 million in large transactions over the past week, with a total of 45 transactions recorded.

In July 2023, the Shiba Inu community burned over 2.09 billion SHIB tokens, representing a 27% increase in monthly burn rate. The burns were conducted through 412 separate transactions, with Akai Token emerging as the top SHIB burner of the month. In addition, a mysterious wallet and a dormant wallet also contributed to reducing the SHIB supply. The intense burn activity has caused the price of SHIB to appreciate by 9.6% in the past month, making it the 14th biggest cryptocurrency globally by market capitalization.

The Shiba Inu development team has launched the Shibarium Hackathon, inviting tech enthusiasts, Web3 developers, and designers to build unique applications using smart contracts on Puppynet. The hackathon is part of the Summer of Shibarium, leading up to the mainnet launch of the layer-2 scaling solution.

Shiba Inu (SHIB) and Dogecoin (DOGE) saw significant growth in the past week, with Bone ShibaSwap (BONE) also experiencing promising growth and re-entering the top 100. However, Pepe (PEPE) struggled to maintain its price. The positive price action of SHIB and DOGE resulted in a surge in positive sentiment, while BONE's chart reflected excitement around the upcoming Shibarium mainnet launch.

Bitcoin and Ethereum saw gains over the weekend, with BTC surpassing $29,000 and ETH reaching over $18,000. However, BTC experienced a slight decrease in percentage performance. Other altcoins, such as Litecoin and Dogecoin, also saw minor gains. Shiba Inu was the top gainer with a 5.38% increase in 24 hours, while Toncoin experienced the biggest loss. The global crypto market cap increased by 0.09% to $1.19 trillion. 

According to Shibburn, a tracker of burned Shiba Inu tokens, SHIB has surpassed 4,489 other coins in the market to take the first spot on AltRank, which measures a digital currency's performance across the cryptocurrency market based on its social and market activity. <br>

Shiba Inu has regained its position in the top 15 cryptocurrencies by market cap after experiencing a decline in recent months. In the past 24 hours, the price of Shiba Inu has increased by over 5%, allowing it to surpass Wrapped Bitcoin and Bitcoin Cash and reach the 14th spot with a market cap of $4.8 billion. The rise in price may be attributed to the announcement of a testnet bridge between Shibarium and Ethereum, which has sparked the interest of SHIB investors. The success of the upcoming Shibarium Layer-2 upgrade will be crucial in determining whether Shiba Inu can continue to build momentum and retest previous highs.

Anonymous whales have moved almost 50 billion Shiba Inu meme coins in the past three hours, according to data from Etherscan. The transactions were made between various wallets, including Binance and KuCoin exchanges.

Shiba Inu remains a popular choice among the largest Ethereum whales, with the meme coin making up almost 12% of their token holdings. Despite stablecoins being prominent among these investors, SHIB is the largest non-stablecoin token holding for the top 100 ETH whales. However, SHIB's constant fall in price has resulted in the majority of its holders being in loss, with only 13% currently in profit. Low momentum and a 34% fall in daily trading volume suggest that the bear trend for SHIB is likely to continue in the short term.

Shiba Inu's layer-2 scaling solution, Shibarium, has released a beta bridge for public testing. The cross-chain bridge uses Plasma and proof-of-stake technology to allow users to transfer tokens between Shibarium and Ethereum without any third-party risks or impact on market liquidity.

The Shiba Inu community is excited about the launch of Shibarium, a layer two protocol, and its official YouTube channel. The channel has gained over 2,500 subscribers since its announcement earlier this week. It features five videos explaining Shibarium concepts and offering insight into its workings.

Susbarium, a group dedicated to protecting the Shiba Inu community from scams, has issued warnings about a fake Shibaswap website that aims to steal users' funds. The fake website parodies similar features of the original Shibaswap DEX, but can be identified by its fake domain address. Susbarium also alerted the community to a fake Shibarium Tech Telegram account and urged members to beware of fake emails purporting to be from Coinbase. These scams primarily target new investors attracted to Shiba Inu's rising popularity.

Shiba Inu (SHIB), a meme-based cryptocurrency known for its volatility, has surprised the market with a steady and sustained growth of over 20% during a period of correction. This unexpected rally has defied the usual reputation of SHIB as a highly speculative asset.

The writer's opinion presented in the article should not be taken as financial, investment, trading, or any other type of advice. Shiba Inu's price has been fluctuating between $0.00000700 and $0.00000850 since the second half of June, coinciding with key order blocks. Bitcoin managed to close above $30k on Sunday, July 23, which is significant as it struggled to do so since July 19. The futures market for SHIB has shown a bearish inclination, with buying volumes and demand in futures markets easing since mid-July.

Developers of the Shiba Inu (SHIB) cryptocurrency are planning to introduce significant developments to the ecosystem after the launch of Shibarium's mainnet. Lucie, a marketing specialist for Shiba Inu, has hinted at positive developments coming in the near future, although no details have been provided.