Cryptocurrency experts named the meme-coin, whose capitalization increased by 148% per day

Sales of Shiba Inu, the second largest meme coin by capitalization, more than doubled overnight. Market analysts report positive sentiment among crypto investors. The global capitalization of SHIB increased by 148% per day, and daily trading transactions increased by 16.58%. At the time of writing, the meme cryptocurrency is worth $ 0.7 874.

The recent surge in cryptocurrency activity is attributed to the successful completion of 20 million transactions on Puppynet, Shibarium’s test network. Puppynet is a blockchain created to conduct research and test the security of protocols. The decentralized network simulates the activity in the main chain, which allows developers to artificially create a load to identify problems and technical flaws.

Industry experts assume that the active introduction of new technologies will gradually remove SHIB from the cohort of meme tokens, as developers are serious about continuing to develop and scale the network.

Recently, Shitoshi Kusama, a lead engineer at Shiba Inu, fueled the optimism of cryptocurrency investors by answering an enthusiast’s question about what problems he solves in the Shibarium network. Kusama stated: «The ones that come in. All those that arise. I don’t do anything stupid. We are staying strong.»

Interestingly, just a week ago, Shiba Inu (SHIB) was called a rather unprofitable meme-coin. According to Glassnode, at that time, demand for the cryptocurrency plummeted by 133%. Between June 12 and June 15, the number of new addresses created on the Shiba Inu Network Growth dropped from 3,838 to 1,646. According to IntoTheBlock, more than 90% of SHIB token holders suffered losses. Crypto experts assumed that SHIB would most likely start another decline to $ 0.5 in the coming weeks, but so far, the coin has shown positive dynamics.