‘Dogecoin Killer’ Shiba Inu Daily Transactions Surge To 2.4M, SHIB Only 1.8% Off From Erasing A Zero

“Dogecoin killer” Shiba Inu SHIB/USD continues to attract interest with robust ecosystem activity and the potential for higher burn rates.

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What Happened: The trading volume of SHIB has increased 26% over the past 24 hours, as Shiba Inu’s marketing lead Lucie revealed that the Shiba Inu ecosystem team intends to allocate 10% of the proceeds from its new NFT project for burning ecosystem tokens. Burning tokens has been a consistent strategy to enhance value across the ecosystem.

The Shiba Inu team introduced an upcoming NFT project named Sheboshis, primarily not available for sale.

However, holders of the male-themed Shiboshis collection within the Shiba Inu community will be eligible to claim female-themed Sheboshis (SHEB) upon launch. SHEB is a meme coin without intrinsic value or the expectation of financial returns.

Additionally, the Shiba Inu ecosystem now encompasses a metaverse project, a play-to-earn game called Shiba Eternity, a decentralized exchange (ShibaSwap), and an L2 blockchain (Shibarium).

In a separate development, Dogecoin co-creator Billy Markus denied any involvement in the newly emerged project Sheboshis addressing queries from the community regarding his potential association.

Also Read: Bonk, Pepe Print Double-Digit Weekly Gains: Why Dogecoin And Shiba Inu Should Be Concerned

Why It Matters: According to Shibarium Scan data, daily transactions as of Feb. 18, 2024, reached 2.4 million, up from 1.9 million on Feb. 17, 2024. Active accounts have also surged to 873 as of Feb. 18, 2024, from 724 as of Feb. 16, 2024.

With the current price at $0.000009821, Shiba Inu is trading 1.8% away from erasing one zero from its price. Over the past month, the token has seen an 8% surge in its price.

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With fundamental developments in the Shiba Inu community continuing, the token price could soon receive a boost.

Read Next: ‘Dogecoin Killer’ Shiba Inu Sees 2,595% Surge Of Whale Inflows: ‘Shibarium Is Set To Take Off,’ Says Marketing Lead

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