Despite the decline in popularity of memecoins, the Shiba Inu token (SHIB) has been experiencing a surge in activity, with high transaction fees and significant growth in its network.
The asset's supply on exchanges is also at its lowest level since 2022. However, analysts suggest that the current focus on SHIB could be a sign of market saturation or a possible future decline.
The upcoming launch of Shibarium, a metaverse and NFT-focused layer 2 blockchain, is expected to increase SHIB's burn rate capacity and potentially boost its price.
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