Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. The project has a market cap of $6.3 billion, with over 1.3 million holders. SHIB fans, collectively called the SHIB Army, are spread across the globe and are a known force in the crypto scene.
Dubai-based crypto exchange Coinswapz has also highlighted the popularity of the memecoin by featuring the Shiba Inu (SHIB) logo on its office entrance. The Coinswapz office is at the Moon Tower complex in Marina Dubai. Along with SHIB, the office entrance also features the Bitcoin (BTC) logo. The move shows that SHIB is a popular choice among crypto investors in Dubai. Moreover, many of Coinswapz’s clients may be SHIB fans, leading to the company’s choice.
Also Read: Will Shiba Inu (SHIB) Overtake Dogecoin (DOGE) in 2024?
Furthermore, in November 2022, the Palm Hotel in Dubai, one of the most renowned hotels in the world, enabled SHIB payments, along with Bitcoin (BTC) and Ethereum (ETH).
Will Shiba Inu (SHIB) see a surge in adoption in 2024?
There is no denying SHIB’s popularity. Moreover, the Shiba Inu community is one of the most supportive and vocal communities within the crypto space. The SHIB Army has a reputation for getting things done when they get together for a cause.
Also Read: Three Signs That Point to Possible Shiba Inu Price Surge
However, Shiba Inu (SHIB) has taken a back seat in 2024. Despite a significant layer-2 network launch, the asset’s price has not shown much promise. Nonetheless, things may change for the popular dog-themed crypto in 2024. The Shibarium network may witness more developments, with new applications built on the SHIB network. A rise in applications on Shibarium could lead to more users, thereby increasing SHIB’s price.
Moreover, the SHIB team is working on a new burn mechanism, rumored to remove trillions of tokens yearly. If the project can significantly reduce its circulating supply, the asset’s price may surge much faster.