Why Developers Are Betting Big on Shiba Inu (SHIB)

Shiba Inu developers are not resting on their oars. They are already planning the next phase of development that would drive the digital asset forward following the successful launch of the Sheboshi NFTs.

Sheboshi’s recent launch captured the attention of enthusiasts and skeptics, who viewed it as yet another attempt by Shiba Inu developers to capitalize on the market.

Shiba Inu Eyes More Developments as Network Grows

Shiba Inu influencer Lucie shed light on the matter. He highlighted that the developers had more substantial intentions beyond mere profit. Lucie said these initiatives are part of a broader strategy to advance the ecosystem with innovative technology.

“This is NOT a pump and dump scheme! We have a whole breeding plan and a Shiba Eternity P2E lineup ahead of us. So yes, we know traders jump on the new hot thing, Dn404, but for us, REAL HOLDERS of Shiboshis, the price right now is irrelevant,” Lucie emphasized.

In recent months, Shiba Inu developers have diligently worked to elevate the network beyond its meme coin origins, focusing on practical utility. This endeavor has birthed various projects, such as the Shibarium Layer 2 network and the SHIB Identity blockchain identity initiative.

The buzz surrounding Sheboshi coincided with a notable increase in transaction volume on the Shibarium network. Data from ShibariumScan revealed a spike to 3.95 million transactions before a subsequent decline to around 2.78 million at the time of reporting, indicating growing interest and engagement within the crypto market.

This transaction surge marked a significant resurgence for the Shibarium project, which had recently seen a lull in transaction activities. Indeed, the uptick positively impacted SHIB’s burning activity, increasing by 55% during the past day and by 166% during the past week.

Read more: Shiba Inu (SHIB) Price Prediction 2024 / 2025 / 2030

Concurrently, Shibarium observed an uptick in the total value of locked assets, reaching an important $1 million milestone on February 21. However, this figure experienced a slight decline to $926,210 two days later before rebounding to $962,576 as of press time.

An increasing TVL indicates that more users are entrusting their assets to a network to partake in decentralized financial activities, which can gauge investor confidence. MARSWAP, a Decentralized Exchange (DEX), primarily dominates Shibarium’s TVL, accounting for 54.02% of TVL, equivalent to approximately $519,000.

Despite the recent surge, the TVL remains below its all-time high of $1.47 million, recorded in August 2023. It marks a period of mainstream adoption for the Shibarium network.