Over the past week, Shiba Inu (SHIB) tokens have outperformed bitcoin (BTC) and ether (ETH) with an impressive return of around 20%, while trading volumes rose to $315 million — the highest point since February — primarily due to increased developer activity on the digital currency. Rollbit (RLB) and Unibot (UNIBOT) also experienced relatively higher returns than bitcoin and ether despite being influenced by differing market catalysts.
Ahead of the upcoming launch of Shibarium, a blockchain built on the Shiba Inu meme coin, traders are actively purchasing tokens, driven by the coin’s ambition to establish itself as a major player in decentralized finance. Recent optimism in the market has been fueled by developer announcements confirming plans to integrate digital identity verification into all future Shiba Inu initiatives, including Shibarium, indicating a positive outlook for the project.
Called self-sovereign identity (SSI), these digital IDs serve as the virtual representation of physical identity documents such as passports and driver’s licenses, granting users greater control over their personal data and its dissemination online.
According to developers, the growing interest in digital identities and data protection in Canada and the European Union could position Shiba Inu as a more credible and compliant blockchain project compared to others. This progress could potentially attract serious investors to consider shib tokens as a long-term investment, as the launch of Shibarium signifies a positive and significant advancement for the meme coin, according to Khaleelulla Baig, co-founder of crypto exchange Koinbasket, in a Telegram message.
Baig further commented that if the developers successfully execute this initiative, he foresees this trend of self-sovereign identity gaining traction among other meme coins with strong communities and network effects.
Shiba Inu developers have previously stated that Shibarium will prioritize metaverse and gaming applications, particularly as the non-fungible token (NFT) sector is projected to experience significant growth in the future. A test blockchain for Shibarium has already seen substantial activity in recent months, with around 27 million transactions recorded from approximately 16 million wallets as of July, indicating a strong demand for the network.
