Investors seem to be more interested in memes now than ever. SHIB’s strong price movement has attracted even the most skeptical investors under its hood. The latest data shows impressive results.
The popularity surrounding the Shiba Inu, a dog-inspired cryptocurrency, has grown to the point that it is now the fifth most popular smart contract on Ethereum.
Shiba Inu (SHIB), Growing Appeal
According to Dune Analytics’ latest data, Shiba Inu even surpasses the likes of Uniswap v3 SwapRouter USDC and WETH tokens. It was actually just a few spots behind the prominent NFT marketplace OpenSea and Uniswap V2 Router.
Data by Dune Analytics
The dashboard revealed that SHIB had received over 450K unique calls.
SHIB is now the 7th largest gas burner on Ethereum
SHIB is also the seventh largest gas burner on the Ethereum network. TokenView’s Ethereum Explorer captured the gas consumption around the token and the increased network activity that led to this milestone.
Ethereum (ETH), set a new record Tuesday with new data showing that it burned more tokens than it emits. This trend has been going on for the last week. This means that the network saw a net-negative week of inflation immediately after the London hard fork.
Like I mentioned, the role of Shiba Inu was also important. The meme-token has consumed 127.15 ETH over the past seven days. Tether and Uniswap V2 Router, industry giants, have burned 525.28 ETH each and 296.6 ETH in the same time frame.
SHIB’s has surpassed several large-cap cryptocurrency, such as Dogecoin (DOGE), thanks to this remarkable rally.
Marla Brooks – Financial Analysis
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