LunarCrush, the renowned cryptocurrency data analytics platform, took to Twitter to announce an impressive milestone achieved by Shiba Inu. Based on a comprehensive evaluation of relative combined social and market activity, the digital token Shiba Inu has soared to claim the coveted AltRank™ 1 position, surpassing a staggering total of 4,489 coins currently circulating in the cryptocurrency market.
AltRank™, a unique metric introduced by LunarCrush, serves as a powerful indicator of how well a coin performs within the broader crypto landscape. By analyzing both social media engagement and market activity data, AltRank™ provides valuable insights into where a coin stands in the digital asset ecosystem.
The Shiba Inu’s incredible rise to the top spot on the AltRank™ leaderboard showcases its impressive presence and widespread popularity across multiple social media platforms.
However, excitement ripples through social media as SHIB enthusiasts gear up for the forthcoming Shiba Inu-based layer 2 blockchain, Shibarium. The developers recently unveiled a live bridge for public testing, enabling seamless token transfers between Shibarium and Ethereum networks.
Chief developer Shytoshi Kusama disclosed that initially, users could transfer testnet ether tokens to Shibarium. Expected to commence operations next month, each transfer should take a maximum of 30 minutes.
Notably, real assets were not yet supported as of Friday. The bridge’s introduction is a game-changer as it paves the way for efficient “Layer 2” protocols, alleviating scaling and data bottlenecks.
Meanwhile, DoggyDAO, a decentralized autonomous organization governed by token holders, will fund projects on the Shibarium blockchain upon its launch. The testnet’s vibrant activity, with 27 million transactions from around 16 million wallets in July, underscores the network’s growing demand.
Shiba Inu Surges To Reclaim Top 15 Crypto Spot
The infamous SHIB token has experienced a rollercoaster ride in the final months of 2022. After reaching a peak of $0.00001739 in August, the price encountered a downturn, struggling to hold on to its gains.
However, the tides have turned for Shiba Inu, as it made a powerful comeback. Over the past seven days, SHIB witnessed a remarkable surge of 8.48%. This boost propelled it past other prominent cryptocurrencies like Wrapped Bitcoin and Bitcoin Cash, securing the 14th position in the market cap rankings.
As of the latest update, the current SHIB price stands at $0.000008458, and the circulating supply totals 589,346,914,631,298 SHIB. The 24-hour trading volume registered at $162,810,201, indicating significant investor interest in this crypto’s recent resurgence.
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