LunarCrush, a financial social media analytics platform, has named Shiba Inu as the "Coin of the Day" for its impressive market performance and social engagement. Shiba Inu achieved a Galaxy Score of 45% and a position of 434 on LunarCrush's AltRank out of 4,389 mainstream assets evaluated in the past 24 hours.

Despite being in a bear market, the Shiba Inu community is determined to achieve its goal of a $0.001 price point for the asset, which would represent an 11,173% increase from its current price. However, this goal is contingent on two catalysts: token burns and ecosystem utility. Token burns can help reduce the asset's supply and increase its value, while ecosystem utility can attract demand and adoption. Projects like Shibarium and SHIB: The Metaverse could potentially provide the necessary catalysts to achieve this goal, but it remains a difficult task. Nonetheless, the asset has already seen significant growth in the past, supported by a 410 trillion token burn, so an 11,275% increase is not impossible.

The Shiba Inu development team has announced that Tangem, a Swiss-based cryptocurrency hardware wallet, is reportedly creating a unique cold wallet for Shiba Inu (SHIB). The wallet will reportedly support over 6,000 currencies, including cryptos and fiat, and give users quick access to DeFi, NFTs, DEXs, and more. However, Tangem has not officially confirmed the development yet. The official Tangem hardware wallet already supports SHIB alongside other crypto assets.

Nuxgame, a gaming and betting software provider, has integrated CoinPayments' advanced crypto payment gateway, allowing users to make payments with Shiba Inu and other cryptocurrencies. This move is set to revolutionize the crypto and gaming industry, as Shiba Inu holders can now use the tokens to play their favorite games on the platform. CoinPayments' payment gateway provides a streamlined and secure payment process with low and fast transactions in SHIB through easy-to-use plugins, APIs, and point-of-sale (POS) interfaces. The integration enables Nuxgame to tap into the rapidly growing crypto market and attract a new generation of gamers who prefer to use digital assets for transactions.

Over 13.81 million Shiba Inu (SHIB) were burned in the past 24 hours, with 10.45 million burned by a single wallet, SHIB Super Store. The Shiba Inu Community has burned a total of 3.98 billion SHIB through 19 transactions in the past week. The massive burn has caused the overall SHIB burn rate to increase by 131.51% over the past day. SHIB's mainstream adoption is gaining momentum, with the recent introduction of Binance Pay's WooCommerce plugin that allows over 40% of websites to accept SHIB as payment. The Shiba Inu team is also in talks with Huobi and Certik to launch a dedicated cold wallet for the SHIB ecosystem.

PEPE, the popular memecoin, recently made a major milestone by getting listed on Binance. However, the accompanying price plunge following the listing has caused significant volatility in the market. Early buyers and whales dumped their assets, causing a more than 56% drop in trading volume.

Shiba Inu is the most popular meme coin in both countries, generating 60.7% of US interest and 55.8% of India's interest in meme coins.

Meme coins are a very risky type of crypto because they are based on Internet cultural references. The price movement depends on whether the meme coins can stay relevant by driving hype or support among the community, and lack fundamental value.

The Shiba Inu project has developed Shibarium, a layer 2 blockchain, to overcome Ethereum's limitations, including slow speeds and high transaction costs. Shibarium is currently in beta testing, and the project is fully focused on executing their plans and driving the project forward. The release timeline for Shibarium depends on the progress made during beta testing and subsequent audits. Safety and rigorous crush tests are essential, and long-term investors should understand these measures. Shibarium has successfully processed over 5.2 million transactions, and the number of wallet addresses engaging with the Shibarium beta has reached 14.3 million. Gas fees are currently at a mere 2.0 Gwei, making transactions practically cost-free. The Shiba Inu ecosystem comprises three unique tokens, each serving a particular purpose within the project: SHIB, BONE, and LEASH.

The Shiba Inu community has burned a massive amount of SHIB coins, with 1.69 billion SHIB burned in the past 24 hours and 3.9 billion tokens burned in a week. The burn rate has skyrocketed by 50,695.69% in just one day, with all the burns coming from a mysterious wallet. The total SHIB supply is now reduced to 589.36 trillion, with 574.17 trillion SHIB currently in circulation. Shiba Inu has emerged as the most popular meme-based token in the United States and India, and Binance has added it to its Auto Invest program.