Kaiko, a cryptocurrency market data provider, stated in a recent tweet that Shiba Inu is seeing a wave of developer activity on its network.
According to Kaiko, this wave of developer activity has boosted its price by over 25% since July 1.
"SHIB is no joke. The memecoin has surged more than 25% since July 1st following a wave of developer activity on the network," Kaiko wrote.
Alluding to this, Kaiko posted a graphic illustration comparing Shiba Inu's returns to rival Dogecoin since the beginning of July.
SHIB is surpassing Dogecoin at present, as evidenced by its strong rise at the start of August. Kaiko points out this feat while highlighting a spike in Shib developer activity.
Shiba Inu teases major releases, one of which is the Shibarium mainnet launch. Treat, a Shiba Inu ecosystem reward token, is currently in development.
The Shiba Inu metaverse is also being actively developed, with the team hinting that the SHIB community may be able to engage with some aspects of this virtual environment by the end of 2023.
Shiba Inu recently launched a brand new digital era, Self-Sovereign Identity (SSI), which will be integrated into Shibarium and SHIB projects.
Shiba Inu lead Shytoshi Kusama elaborates on this, highlighting the endless possibilities the SHIB SSI solution brings when incorporated with Shibarium and other Shib initiatives. According to Kusama, the SHIB SSI is still in active development as its powerful system is being built out.
SHIB price action
Shiba Inu has been steadily rising since reaching a low of $0.000006 on June 10.
Santiment, a blockchain analytics start-up, noted considerable accumulation from shark and dolphin wallets, which contain 10 million to 100 billion SHIB tokens, as the SHIB price surged.
Shiba Inu broke the $0.0000081 barrier as the rally continued. Shiba Inu is currently challenging the main hurdle at $0.000010, which if flipped into a support may see SHIB target the $0.000011 range.
According to CoinMarketCap data, SHIB was down 1.14% in the last 24 hours to $0.00000979 at the time of writing.