It seems investors are more interested in memes than they’ve ever been. SHIB’s strong price action has lured even the skeptics under its hood, and the latest data reveals impressive results.
The hype around the Shiba Inu dog-inspired cryptocurrency has grown so much that it has become the fifth most-called smart contract on the Ethereum network.
Shiba Inu’s (SHIB) Growing Appeal
According to the latest data compiled on Dune Analytics, Shiba Inu has even surpassed the likes of Uniswap v3 SwapRouter, USDC, and WETH tokens. In fact, it was a few places behind prominent NFT marketplace OpenSea, Uniswap V2 Router, among others.
The dashboard also revealed that there were over 450,000 unique callers for SHIB.
SHIB is Now 7th Largest Burner of Gas on Ethereum
SHIB has also emerged as the seventh-largest burner of gas on the Ethereum network. This milestone is the result of increased network activity, as well as the consumption of gas surrounding the token, which was captured by TokenView’s Ethereum Explorer.
Ethereum (ETH) clocked in another record high on Tuesday as new data demonstrated burned more tokens than it emitted. This trend continued last week. In other words, the network has just experienced a week of negative net inflation for the time being even after the London hard fork.
As mentioned above, Shiba Inu, too, had a role to play in this. Over the past seven days, the meme-token has burned a total of 127.15 ETH. Industry giants Uniswap V2 Router and Tether burned 525.28 ETH and 296.6 ETH, respectively, during the same period.
Thanks to the staggering rally, SHIB’s has outpaced several large-cap cryptocurrencies, including Dogecoin (DOGE).
