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SHIB becomes the fifth most popular smart contract on the Ethereum network

It seems that investors are more interested in the coin meme than ever. SHIB’s strong price movement has even attracted skeptics, and the latest data shows impressive results.

The hype surrounding the Shiba Inu dog-inspired cryptocurrency has grown so much that it has established itself as the fifth most popular smart contract on the Ethereum network.

The growing attractiveness of SHIB

According to the latest data from Dune Analytics, Shiba Inu has even outperformed tokens like Uniswap v3 SwapRouter, USDC and WETH.

Source: Dune Analytics

The dashboard also showed that there were over 450,000 unique views for SHIB.

In addition, SHIB is also the seventh largest gas burner in the Ethereum network. This milestone event as a result of increased network activity and gas consumption around the token was recorded by TokenView’s Ethereum Explorer.

Ethereum hit another record high yesterday as new data shows that more tokens were burned than released, like Bitcoin magazine Report. This trend has continued uninterrupted for a week. In other words, the network has just seen a week of net deflation following the London hard fork.

Shiba Inu also contributed to this success. In the past seven days, the meme coin burned a total of 127.15 ETH. The industry giants Uniswap V2 Router and Tether burned 525.28 ETH and 296.6 ETH respectively in the same period.

Thanks to the incredible rally, SHIB has outperformed several large-cap cryptocurrencies, including Dogecoin.

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Annie

According to Cryptopotato

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.