Shiba Inu (SHIB) is an ERC-20 token on the Ethereum blockchain, and the second largest meme token influenced by a dog. It has been consolidating in the range of $0.000011-0.00001150, not keeping pace with the surging Dogecoin that has received a major boost from Twitter changing its logo to the Dogecoin logo - a Shiba Inu dog. A huge rise in the SHIB trading volumes of around $600 million on Tuesday, indicating a buildup of investor sentiment, has been observed. It is nearly 40% up year-on-year with some hoping for a break above the mid-$0.000011s to potentially re-test the all-time highs of $0.000016.

Shiba Inu recently released its Ethereum layer-2 scaling solution, Shibarium, with the aim of reducing transaction costs and creating a platform for web3 ecosystem specifically tailored to this coin. The Shiba Inu metaverse development team is actively working to make progress on various upcoming upgrades and platforms. While the sentiment of the major SHIB whales remains strong - WhaleStats data indicated zero transactions per day since mid-Feb for the top 100 SHIB whales -it is still uncertain if SHIB will be able to reach seven or even ten times of its current market cap. A US Federal Reserve rate-cutting cycle to avert a US recession might be a positive indicator, but a tenfold increase in SHIB's market capitalization would need a comprehensive development of the web3 platform to make it a reality.



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