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Shiba Inu’s Shibarium Hit Major Milestone Amid Rapid Network Recovery

The Shiba Inu Layer 2 Shibarium network is recovering once again after the festivities of the holidays have died down. This time around, the layer 2 network is celebrating a major milestone after a couple of months of impressive outperformance.

Shibarium Network Crosses 250 Million Transactions

The Shibarium network has now crossed a total of 250 million transactions that have been processed since it was launched last year. This latest milestone coincides with a significant recovery in the network’s daily transactions which had plunged at the start of the new year.

As NewsBTC reported on Thursday, the average daily transactions on the network had fallen around 50% from the 7 million average to 4 million. This decline would persist for at least two days, on January 2 and January 3, where an average of 4 million transactions were carried out.

Shibarium Shiba Inu

However, there has since been another jump in the number of transactions processed by the network. Currently, the daily transactions for Friday are sitting at 6.19 million at the time of writing. This translates to a 50% jump from the numbers recorded over the last few days.

The total number of blocks produced has also risen rapidly at this time as well. As the data shows, there are now over 2.84 million blocks produced on the Shibarium network. If the daily transactions on the Shiba Inu layer 2 network continue to rise, then the total number of blocks produced could cross 2.5 million before the month is over.

Shiba Inu price chart from Tradingview.com (Shibarium milestone)

Shiba Inu Burn Rate Mounts A Comeback

The transactions carried out on the Shibarium network are not the only thing making a comeback at this time. The Shiba Inu burn rate is also seeing a significant surge after being subject to a slow start to the year.

According to data from the burn tracking website Shibburn, there have been more than 4.2 million SHIB tokens burned in the last day. This figure translates to a 244% surge in the burn rate over this time, continuing the trend that was registered on Thursday.

The rise in the Shiba Inu burn rate shows that interest is not only localized to the Layer 2 network alone. But also, community members continue to work together in their bid to reduce the total circulating supply of the meme coin.

In the year 2023, the total number of SHIB tokens burned through this initiative has come out to more than 76 billion. However, this figure is minute compared to the over 400 trillion supply of the SHIB token, showing a need to ramp up burning.

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Shibarium Transactions Crash Almost 50%, Shiba Inu Price Wobbles

The Shiba Inu layer-2 network Shibarium enjoyed significant success at the end of 2023, crossing several milestones in the process. However, the network looks to be experiencing a cooling-off period following a significant drop in the number of transactions. Shiba Inu (SHIB) also looks to be affected by this development following a notable decline in its price. 

Daily Transactions On Shibarium Drop By Almost 50%

Data from the Shibarium explorer shows that daily transactions on the network have significantly dropped since the new year began. Only just over 4 million transactions were processed on both January 2 and 3. This decline is notable because Shibarium was averaging over 7 million transactions for most of December last year. 

December 29 was the last time that Shibarium saw over 7 million daily transactions. Since then, it has been on a downward slope, dropping to 6 million and 5 million on December 30 and 31, respectively. 

It looked like things were going to pick back up as daily transactions on the network rose back to over 6 million on January 1. However, that was not the case, as the downtrend continued the next day. 

The number of daily transactions on the layer-2 network has become more significant since Shibarium’s role in SHIB’s growth became apparent. The Shibarium team has committed to converting some of the transaction fees made from the network to SHIB and burning those tokens. As such, more transactions on the network translates to more SHIB burns. 

These SHIB burns have the potential to positively impact SHIB’s price since the crypto token’s value is likely to increase as more of it gets out of circulation. So far, over 410 trillion SHIB has been sent to Shiba Inu’s burn wallet, with Shibarium contributing a huge chunk to that figure. 

Shiba Inu price chart from Tradingview.com (Shibarium)

More Attention To BONE Than Shiba Inu?

Meanwhile, recent development suggests that the Shiba Inu team may be looking to increase BONE’s utility. For some time now, the SHIB token has so far been the center of attention in the Shiba Inu ecosystem. However, the BONE token looks to be joining the mix as Shiba Inu’s Marketing Lead, Lucie, has recently turned her attention to promoting the Dog coin. 

In an X (formerly Twitter) post, Lucie mentioned several projects that were set to launch on the layer-2 network and noted how users would need the Dog coin to access these projects. BONE, which was initially created as the native token for ShibaSwap has gone on to enjoy greater utility since Shibarium launched. 

BONE happens to be the gas token for the layer-2 network. Notably, an increase in BONE’s price could also affect the SHIB burns since the team gets to acquire and burn more of the meme coin.

At the time of writing, SHIB is trading at around $0.000009574, down over 9% in the last 24 hours, according to data from CoinMarketCap. 

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Shiba Inu Rally To $0.0001? Shibarium Transaction Count Breaches 90 Million Milestone

Shibarium, the Shiba Inu Ethereum Layer 2 network, has been ramping up in the last few weeks. The rapid rate of adoption has led to a rise in the number of transactions being carried out on the network on a daily basis, leading to a new milestone.

Over 90 Million Transactions Carried Out On Shibarium

According to data available from ShibariumScan, the total number of transactions carried out on the Shiba Inu Layer 2 network has now crossed the 90 million mark. This comes after multiple days of over 6.5 million transactions being recorded on the network on a daily basis.

Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the Shibarium network. At the same time, there has also been an uptick in the growth rate of accounts on the network. It went from trending around 30,000 at the end of November to over 54,000 just two weeks into December. This represents a growth rate of almost 100% in the accounts on the network.

Shiba Inu Shibarium transactions

Active accounts also followed a similar trajectory as the daily transactions, reaching a new all-time high of 9,339 on December 5. However, this metric seems to be undergoing a full retracement after falling to 3,232 on December 10. It means that users are starting to scale back their activity on the network.

The number of new accounts created in a single day also touched a new all-time high in December. Data shows it reached 4,456 on December 3, and then 4,399 on December 5. But just like the active accounts metric, new accounts created on the network have dropped approximately 92% to just 368 by December 10.

Shiba Inu price chart from Tradingview.com (Shibarium)

Can This Trigger A Shiba Inu Rally To $0.0001?

While the growth rate of the Shibarium network is no doubt good for Shiba Inu, it is doubtful that it will have any significant impact on the price. This is because Shiba Inu is only the governance token of the network while BONE is the main utility token. So the network’s growth is likely to have a direct impact on the price of BONE rather than SHIB.

As for SHIB reaching the $0.0001 price target, market experts at Telegoan have said that it may reach this mark in the year 2025. They also believe that the meme coin could rise as high as $0.000728 in the same year if market conditions are right.

In the short term, an expected $1 million worth of burns may be what ends up propelling the meme coin’s price. Shiba Inu lead dev Shytoshi Kusama confirmed that the over $1.2 million accumulated from BONE fees on the Shibarium network may be used to burn SHIB. As the SHIB supply reduces, the token’s value is expected to rise.

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Shiba Inu Rally To $0.0001? Shibarium Transaction Count Breaches 90 Million Milestone

Shibarium, the Shiba Inu Ethereum Layer 2 network, has been ramping up in the last few weeks. The rapid rate of adoption has led to a rise in the number of transactions being carried out on the network on a daily basis, leading to a new milestone.

Over 90 Million Transactions Carried Out On Shibarium

According to data available from ShibariumScan, the total number of transactions carried out on the Shiba Inu Layer 2 network has now crossed the 90 million mark. This comes after multiple days of over 6.5 million transactions being recorded on the network on a daily basis.

Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the Shibarium network. At the same time, there has also been an uptick in the growth rate of accounts on the network. It went from trending around 30,000 at the end of November to over 54,000 just two weeks into December. This represents a growth rate of almost 100% in the accounts on the network.

Shiba Inu Shibarium transactions

Active accounts also followed a similar trajectory as the daily transactions, reaching a new all-time high of 9,339 on December 5. However, this metric seems to be undergoing a full retracement after falling to 3,232 on December 10. It means that users are starting to scale back their activity on the network.

The number of new accounts created in a single day also touched a new all-time high in December. Data shows it reached 4,456 on December 3, and then 4,399 on December 5. But just like the active accounts metric, new accounts created on the network have dropped approximately 92% to just 368 by December 10.

Shiba Inu price chart from Tradingview.com (Shibarium)

Can This Trigger A Shiba Inu Rally To $0.0001?

While the growth rate of the Shibarium network is no doubt good for Shiba Inu, it is doubtful that it will have any significant impact on the price. This is because Shiba Inu is only the governance token of the network while BONE is the main utility token. So the network’s growth is likely to have a direct impact on the price of BONE rather than SHIB.

As for SHIB reaching the $0.0001 price target, market experts at Telegoan have said that it may reach this mark in the year 2025. They also believe that the meme coin could rise as high as $0.000728 in the same year if market conditions are right.

In the short term, an expected $1 million worth of burns may be what ends up propelling the meme coin’s price. Shiba Inu lead dev Shytoshi Kusama confirmed that the over $1.2 million accumulated from BONE fees on the Shibarium network may be used to burn SHIB. As the SHIB supply reduces, the token’s value is expected to rise.

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Shiba Inu Rally To $0.0001? Shibarium Transaction Count Breaches 90 Million Milestone

Shibarium, the Shiba Inu Ethereum Layer 2 network, has been ramping up in the last few weeks. The rapid rate of adoption has led to a rise in the number of transactions being carried out on the network on a daily basis, leading to a new milestone.

Over 90 Million Transactions Carried Out On Shibarium

According to data available from ShibariumScan, the total number of transactions carried out on the Shiba Inu Layer 2 network has now crossed the 90 million mark. This comes after multiple days of over 6.5 million transactions being recorded on the network on a daily basis.

Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the Shibarium network. At the same time, there has also been an uptick in the growth rate of accounts on the network. It went from trending around 30,000 at the end of November to over 54,000 just two weeks into December. This represents a growth rate of almost 100% in the accounts on the network.

Shiba Inu Shibarium transactions

Active accounts also followed a similar trajectory as the daily transactions, reaching a new all-time high of 9,339 on December 5. However, this metric seems to be undergoing a full retracement after falling to 3,232 on December 10. It means that users are starting to scale back their activity on the network.

The number of new accounts created in a single day also touched a new all-time high in December. Data shows it reached 4,456 on December 3, and then 4,399 on December 5. But just like the active accounts metric, new accounts created on the network have dropped approximately 92% to just 368 by December 10.

Shiba Inu price chart from Tradingview.com (Shibarium)

Can This Trigger A Shiba Inu Rally To $0.0001?

While the growth rate of the Shibarium network is no doubt good for Shiba Inu, it is doubtful that it will have any significant impact on the price. This is because Shiba Inu is only the governance token of the network while BONE is the main utility token. So the network’s growth is likely to have a direct impact on the price of BONE rather than SHIB.

As for SHIB reaching the $0.0001 price target, market experts at Telegoan have said that it may reach this mark in the year 2025. They also believe that the meme coin could rise as high as $0.000728 in the same year if market conditions are right.

In the short term, an expected $1 million worth of burns may be what ends up propelling the meme coin’s price. Shiba Inu lead dev Shytoshi Kusama confirmed that the over $1.2 million accumulated from BONE fees on the Shibarium network may be used to burn SHIB. As the SHIB supply reduces, the token’s value is expected to rise.

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Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes

Shibarium, the Shiba Inu layer-2 solution, recently reached a new milestone in the past few days, crossing the 4 million total transaction threshold. The launch of Shibarium, Shiba Inu’s layer-2 solution, has been a huge catalyst for the meme coin. At the same time, SHIB’s burn rate has exploded in the last two days, as investors look to push the price of SHIB in a positive direction.

Shibarium’s Rapid Growth, Burn Rate Skyrockets

In just the past few months, over 4 million transactions have taken place on the Shibarium network. According to Shibariumscan, the total transaction count now stands at 4.27 million at the time of writing, with the total block count also at 1.87 million, steadily approaching 2 million. The platform saw its daily transactions soar last weekend, reaching as high as 43,690 on November 23.

This milestone seems to have rolled over to Shiba Inu’s token burning. According to data from Shibburn, Shiba Inu’s burn tracker, the burn rate has increased significantly this week. The last 24 hours have seen the token burns reach 82,887,109 SHIB, an increase of 913.89% from the previous day. 

SHIB tokens can be burned by any Shiba Inu investor by sending the tokens to any of the SHIB burn addresses. Apparently, most of the latest 24-hour figure came from one address, which incinerated 82.86 million SHIB tokens. 

The uptick in SHIB burns has been going on for a while now. The burn rate increased by almost 500,000% over the weekend with more than 264.20 million SHIB tokens sent to inactive addresses.

What’s Next For Shiba Inu — Road To $0.00008?

Shiba Inu burns are a way to create artificial scarcity for SHIB, driving up the price of the tokens in circulation. However, the price of SHIB hasn’t reacted to the recent burns and the Shibarium transaction milestone. 

Shiba inu is currently trading at $0.000008221 and is down by 1.62% in the past 24 hours. On the larger timeframe, the crypto is up by 13.68% from its October bottom of 0.000006. The fundamentals surrounding SHIB also point to a price rise in the coming months as support grows. 

With increasing utility, the creation of new tokens in the SHIB ecosystem, partnerships like the recent one with boxer Manny Pacquiao, and more widespread mainstream interest on the horizon, analysts see SHIB revisiting and possibly surpassing its former high of $0.000088. However, this would mean the Shiba Inu price would rise 902% from its current price. 

Shiba Inu price chart from Tradingview.com (Shibarium)

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Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today?

Shibarium, the Ethereum Layer network from the Shiba Inu team, has had a rocky few months following its highly anticipated launch. After surging immediately following its launch, its figures dropped as interest waned. However, there has been a change in the performance as transaction numbers are spiking once again.

Transaction Numbers Jump 288% On Shibarium

In the last few days, there has been a marked increase in the number of transactions carried out on the Shibarium network. The Shiba Inu Layer 2 blockchain saw a nice jump from November 19 to November 22.

On November 19, the total number of transactions on the network was 8,930. But as of November 22, this figure is sitting at an impressive 34,670 transactions. This represents a 288% increase in the space of three days. As a result, the total number of transactions carried out on the network since inception has now crossed 3.578 million.

Shibarium Shiba Inu

There was also a small uptick in the number of active accounts on the network, albeit to a smaller extent compared to the transaction count. Active accounts went from 569 on November 20 to 648 on November 22.

However, amid all of these, the amount of new blocks created on the network took a nosedive. Between November 20 and November 22, the number of new blocks created on Shibarium went from 17,214 to 13,907, a 20% decrease in two days.

Shiba Inu price chart from Tradingview.com (Shibarium)

Why Is Shiba Inu Price Down?

Despite the immense growth recorded in the Shibarium over the last few days, the Shiba Inu price has not followed this trend. Rather, the meme coin is seeing losses, especially on the 24-hour chart and this can be attributed to the general crypto market downtrend.

The crypto market saw a crash after Changpeng Zhao announced he would be stepping down as the CEO of Binance and that the exchange had agreed to a $4 billion fine with the DOJ. As a result, the price of Bitcoin dropped from above $36,000 to mid-$35,000s before recovery. However, the damage was already done and it dragged the altcoin market down with it.

Currently, the price of Shiba Inu is down 3.62% to trade at $0.000008061. This decline follows the Bitcoin trend, suggesting that a recovery in the Bitcoin price would translate into a recovery in the Shiba Inu price as well.

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Shiba Inu-Based BONE Eyes $1 As This On-Chain Metric Explodes

BONE, a token based on the Shiba Inu ecosystem, has had quite a dull month in terms of bullish price movement. However, the Shiba Inu ecosystem is currently experiencing an increase in on-chain transactions, and BONE hasn’t been left out. 

Some SHIB whales have increased their holdings in anticipation of a new milestone for Shibarium. At the same time, BONE also had an increase in large transactions, and this key on-chain metric suggests the token could be ready for a major price appreciation.

BONE Large Transaction Volume Increases

The daily large transaction volume for BONE, ShibaSwap’s governance token, has exploded in the past week. According to recent data from IntoTheBlock’s metric of large transactions, each valued at $100,000 or more, spiked from no activity at the end of October to more than 5.17 million BONE tokens over the weekend. This type of large transaction activity can either mean that big money is flowing into or leaving an asset. But more often than not, the former is the case.

At the same time, BONE’s biggest whales have been loading up their bags. On-chain data shows whale wallets (more than 1% of the total supply) now hold 44.03%, up from 43.41% reported last month. Investors’ wallets holding between 0.1% and 1% of the circulating supply also went up, now holding 16.85%. Inflows into these two sets of addresses increased by +295% in a 7-day timeframe, indicating interest from whales.

Shiba Inu BONE

Bearish Sentiment Reversal? Road to $1?

With the large transaction increase, it’s clear BONE is gaining major traction and interest from whales. But some on-chain and BONE’s price points to a double-edged sword. Despite the inflow into large wallets and increase in large transactions, broader on-chain signals point to bearish sentiment from retail traders. 

This is particularly evident as interest from small investors has dropped in the past month. At the time of writing, BONE is trading at $0.71 and is down by 64% from its yearly high of $2.20 in February.

Shiba Inu BONE price chart from Tradingview.com

On the other hand, BONE has spiked by 3.6% in the past three hours after recently bouncing off major support at $0.69. A continued surge in on-chain transactions among bulls and whale investors could push the crypto back up to $1.

BONE is used as gas fees on the Shibarium layer-2 blockchain, which has had a steady increase in cumulative gas usage since its launch. Shibarium is now approaching the four million total transactions milestone, which could also push BONE towards $1.

Shibarium gas growth

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Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows

A prominent Shiba Inu team member has come forward to shed light on the proper processes involved in burning the SHIB token. 

Shiba Inu Burn Process Demystified

In a brief X (formerly Twitter) post on Thursday, Lucie, a popular Shiba Inu marketer provided a detailed guideline on how SHIB users and investors should burn their SHIB tokens.

Lucie stated that before sending the SHIB token into a dead wallet, users should bridge the SHIB token back to the Ethereum network first. 

“To ensure the proper process, if you are a part of the Shibarium project and wish to burn Shib, please make sure to bridge your Shib back to the Ethereum network and then send it to the dead wallet,” Lucie stated. 

She stressed the importance of this initial step, stating that bridging the SHIB token first on Ethereum before burning it on Shibarium, allows the original SHIB to be locked in the bridge contract while a minted version of the SHIB token is sent to Shibarium to be burnt. 

“When you initially bridge your SHIB to Shibarium, the original Shib tokens are locked in the bridge contract, while a version of the token is minted on Shibarium. This means that when you decide to burn your Shib on Shibarium, you are actually burning the minted version, while the original tokens remain locked in the bridge contract,” Lucie explained. 

Presently, Shib burn rates have been increasing as the Shibarium layer 2 network keeps growing. According to Shibburn, Shib burn rates are up 193.46% in the last 24 hours and continue to rise. There have also been approximately 56,436,887 SHIB tokens burned at the time of writing. 

Shiba Inu price chart from Tradingview.com

Shibarium Surges 493% In Transactions

Shibarium, an Ethereum Layer 2 blockchain network for Shiba Inu, has recently experienced a staggering increase in transactions. 

The Shibarium network recorded a 493% upsurge in transactions sometime on October 26. A prominent SHIB X account, Kuro SHIBArmy JPN also shared a chart of Shibarium’s daily transactions hitting a 62,560 mark on Thursday. 

“Shibarium Daily transactions are on the rise! This is just the beginning,” Kuro SHIBArmy JPN stated. 

Presently, the total number of transactions on the Shibarium network is approximately 3,665,371 and the active wallet addresses on the layer 2 network are over 1,2656,600. The daily transactions on Shibarium have also hit approximately 13,550. 

The Shib community members are currently celebrating the recent milestones achieved by Shibarium which emphasize the strength of the growing network and its widespread adoption. 

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Shiba Inu Update: 530% Spike In Shibarium Metric Could Trigger SHIB Recovery

Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts.

Verified Contracts On Shibarium Record 530% Spike

On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday.

Shiba Inu new contracts

While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday’s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday’s figures.

This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed transactions on the network almost at 2.7 million.

However, it is not all ‘up-only’ for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023.

Will This Trigger A Shiba Inu Spike?

Shiba Inu plays a significant role in the Shibarium ecosystem as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts.

Usually, for networks that facilitate decentralized finance (DeFi) protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network.

However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its Total Value Locked (TVL) has also fallen from its all-time high of $1.47 million to $600,000 at the time of writing, suggesting dwindling interest in the network.

The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin’s price, it could also serve as a lift-off point for the digital asset if the crypto market were to begin another bull rally.

Shiba Inu price chart from Tradingview.com (Shibarium metric)

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Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium

In a recent development, the Shiba Inu community has warned of a “scam” project that may be responsible for some of the FUD attacks that have plagued the Shibarium network since it launched on August 16. 

Shibarium Admin Warns Of Scam Project

In a tweet on the X (formerly Twitter) platform, a member of the Shibarium tech team (known as Digarch) shared a screenshot of the admin warning of a scam project set to be deployed on the layer-2 network. According to the Shibarium tech admin named DaVinci, “Pawswap” is the scam project responsible for funding attacks on Shibarium. 

Besides funding these attacks, Pawswap allegedly uses its community to spread fear, uncertainty, and doubt (FUD) about the network. DaVinci said the project and its team had infiltrated the Shibarmy by passing off as Pawzone, a credible project set to launch on the Shibarium network.

Shibarium Shiba Inu scam

As a result of this, he urged the Shib community to stay safe from Pawswap, which he called a “Scam or Shitcoin,” and that they defend the ecosystem from such projects. 

Meanwhile, Digarch, who shared the screenshot, clarified that Pawzone was different from Pawswap, which DaVinci had mentioned, and stated that Pawzone was the team behind the NFT marketplace Pawzaar, which will be one of the NFT marketplaces that will be launching on Shibarium soon. 

Pawswap Legit Or Not?

Following Digarch’s tweet, another user on the X platform said that Pawswap wasn’t a scam and pointed out that the project was certified by Certik, a leading blockchain security firm, and certification always inspires confidence in the minds of the public about a particular project.

Upon further investigation, this user’s assertion is correct, as Certik awarded a silver KYC badge to the project on September 3, according to data from their website. As part of the verification process, Certik also verified 8 of the project’s core team members and reviewed its token contract. 

It is also worth mentioning that the project plans to launch its decentralized exchange (DEX) on the Shibarium network. As such, one might wonder why the Pawswap team would be looking to cause Shibarium to fail when it does not benefit the team. The project also seems to have a significant following, with over 13,000 followers on its X platform. 

While there are no assurances that Pawswap is legit or a scam like DaVinci has asserted, it is important for the community to always do their research. 

This is something that Shibarium’s lead developer, Shytoshi Kusama, has always emphasized in the network’s updates as he mentioned the influx of tokens and projects into the Shibarium ecosystem.

Shiba Inu price chart from Tradingview.com (Shibarium)

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New Shibarium Update Sets The Stage For Shiba Inu To Reach All-Time High

The burning of SHIB tokens has become an important part of the Shiba Inu community. Each week, tokens are sent to a ‘burn’ address by community members as they try to reduce the supply of the token. This is why the introduction of a burn mechanism for the Shibarium Layer 2 network is a welcome development for the community.

Lead Dev Says Shiba Inu Burn Portal Is Coming

In a tweet shared on X (formerly Twitter) on Monday, Shiba Inu lead marketer LUCIE shared a much-anticipated announcement with the community. Lucie revealed in a screenshot of an exchange with the developer that a Shiba Inu burn portal for Shibarium was being developed.

This comes after a long stretch of calls for the team to introduce an automatic burn for SHIB as the Shibarium blockchain grows. However, contrary to the belief that the burn portal is exactly what is needed, the developer emphasized that “BURNS WILL NOT AND ARE NOT THE END ALL BE ALL.” Instead, the developer says that the focus should shift toward the adoption of the blockchain rather than being on just burns.

The developer’s words echo an earlier post made by the lead marketer on X. According to Lucie, the only way that SHIB would be burned is if the blockchain is being used. Token burns are dependent on fees generated from transactions. So this is why the emphasis should be placed on adoption rather than straight burns. “The more you use Shibarium, the higher the traffic, which drives up gas fees,” Lucie explained in the tweet.

Lucie pointed out in a follow-up tweet that the Shiba Inu price had been able to hit its previous all-time high without any burn mechanism in place. “$SHIB will be a governance token with global adoption – the next ATH could be interesting,” she concluded.

Will A Shibarium Burn Portal Lead To New ATH?

The emphasis being placed on a burn mechanism by the community comes as a result of an expectation that lower supply leads to higher prices. While this is true for digital assets, there are other factors that contribute to a token reaching a new all-time high price.

For one, the current crypto market trend has to be considered. With a bear market still raging on, it is safe to say that tokens are not hitting ATHs anytime soon. So even if a Shiba Inu burn portal was introduced today, it would not automatically guarantee a new ATH. However, it could lead to a surge in price, even if briefly. Hence, working toward adoption rather than just burns presents a more long-lasting value addition.

SHIB’s price is currently sitting at $0.000007549 after falling 2.40% in the last day and 6.91% in the last week. It is the 16th-largest cryptocurrency with a market cap of $4.44 billion.

Shiba Inu price chart from Tradingview.com (Shibarium burn)

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Shiba Inu Whales Begin Accumulation As Shibarium Grows

The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations.

Shiba Inu Whales Moving Away From Centralized Exchanges

A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took place on Saturday, September 2, a couple of days after the Shibarium blockchain went public and started growing.

The transaction saw a total of 4.36 trillion SHIB tokens moved from the Bitvavo exchange to an unknown wallet. This transaction was worth roughly $37 million at the time and was speculated to be moved to a private wallet for holding.

This is because when crypto users move tokens toward centralized exchanges, it is often to sell due to the deep liquidity. While moving tokens from centralized exchanges to private wallets is often for holding while investors wait for the market to recover.

Another similar transaction was then flagged on Monday, September 4, carrying almost the same number of SHIB. The 4.615 trillion SHIB worth $35.69 million was also moved from the Bitvavo exchange to an unknown wallet, presumably for safekeeping.

These transactions could signal that the whales are expecting the Shibarium network to grow and positively affect the price of SHIB. The meme token is already showing signs of this recovery its trading volume rose 14% in the last day.

Shibarium Continues To Grow

Shibarium was launched in late August but despite an initial rocky start, the network seems to have taken it in stride and bounced back stronger. The activity on the network saw its Total Value Locked (TVL) quickly surpass $1 million.

Shibarium TVL

This was brought about by high activity in decentralized finance (DeFi) protocols such as DogSwap and MARSWAP. The former currently boasts over 50% of Shibarium’s TVL with the latter not too far behind at 26%.

The network has also crossed the 1 million wallet market in addition to transactions on the blockchain reaching the same figure. However, the TVL has taken a hit to fall from the $1.42 million figure recorded on August 30 to be sitting at $1.05 million at the time of this writing.

While the figures may be slowing for Shibarium, it may not mean a total lack of interest. Shibarium was launched in a deep bear market climate, which is one factor that could now be limiting its growth as prices fall.

Shiba Inu price chart from Tradingview.com (Shibarium whales)

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This Metric Indicates Shibarium Is Growing Rapidly Following Its Public Launch

Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL). 

TVL Crosses $1.4 Million

Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain. 

Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses. 

A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu.

Shibarium TVL

Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge. 

Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds.

As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402. 

Will Shibarium Translate To A Higher Price For SHIB?

SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post. 

It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively. 

With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.

Shiba Inu price chart from Tradingview.com (Shibarium TVL)

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Shiba Inu Community Celebrates New Milestone One Day After Shibarium Goes Public

Shiba Inu’s (SHIB) community’s resolution was tested following Shibarum’s launch, as the network didn’t get off to the best start, dragging SHIB’s price down in the process. However, the community’s faith didn’t waiver, and now, it is in celebratory mode as Shibarium marks a major milestone just a day after its relaunch.

Shibarium Wallets Cross 100,000

Members of the SHIB community have stormed social media to celebrate this major milestone, with many users on the X (formerly Twitter) platform posting several tweets in this regard with the hashtag “#SHIBARMYSTRONG.”

According to data from block explorer Shibariumscan, over 100,000 wallets have been created on the Shibarium network since going live. This figure signifies an increase of over 35,000 wallets created since Shibarium relaunched yesterday.

Shibarium’s lead developer, Shytoshi Kusama, announced on August 28 that the network was ready for “prime time” and that the network was going to be reopened to the public. As part of the announcement, he noted that Shibarium had accumulated over 65,000 wallets before the relaunch. 

Since then, new users have flocked to the network, with the total number of wallet addresses on the network standing at around 101,658 (at the time of writing). That represents more than a 50% increase in the number of users on the network since it relaunched. 

This figure may not surprise the SHIB community, considering that Kusama had earlier credited them for the “massive influx of transactions and users” that overwhelmed the network upon launch. 

Such a milestone suggests that the SHIB community remains bullish on the layer-2 network despite the difficulties it experienced upon launch. Shibarium is projected to become a major player in the decentralized finance (DeFi) space as demand for the network increases. 

The network’s success is also expected to significantly impact the Shiba Inu token, considering that it is one of the governance tokens on the network. As such, its value should rise as trading activity on Shibarium increases.

Shiba Inu price chart from Tradingview.com (Shibarium milestone)

More To Come, Says Shiba Inu Lead Dev

In his update on Shibarium’s restart, Kusama noted that there was more to come for the network as it continues to build. He further stated that the team would keep providing Shibarium updates on their official channels.

As part of these updates, Kusama announced on their official Telegram channel that the official WBone will be launched shortly, stating that the contract verification “should be up early this week.”

He also mentioned that there are plans to renounce BONE’s token contract. BONE is one of the governance tokens on the Shibarium network. With this development, the token’s developer will no longer be able to make future changes in a move that strengthens holders’ confidence.

Shibaswap, Shiba Inu’s decentralized exchange (DEX), will also be moved to Shibarium. The DEX is currently built on the Ethereum network. This marks part of the efforts to move all Shiba Inu-related products to the layer-2 network. 

Kusama noted that Shibarium was still “very early” and had a long way to go. However, he will continue to focus on “building decentralized systems and showcasing projects.”

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Shiba Inu Community Leaves Shibarium Launch Troubles Behind As Wallet Count Crossed 10 Million

Shibarium, the scaling solution from the Shiba Inu team, has achieved new milestones after experiencing a significant wave of adoption and user engagement following its launch. 

SHIB Community Euphoria Sparks Shibarium Meteoric Rise

According to a report on August 21, the Shiba Inu ecosystem recorded an astonishing number of new wallets, with over 10 million wallets registered following the launch of the Shibarium network. The layer-2 network also recorded over 160 million compute units and a large deposit of ETH and BONE tokens, 1,000 and 600,000 respectively. 

Shibarium’s unexpected rise in user adoption has not been the only noteworthy change the layer 2 scaling solution has experienced. According to reports, Shibarium has experienced a staggering increase in BONE staking. Over 7,569,580 BONE Shibaswap tokens were staked on the Shibarium network. 

The Shiba Inu community’s response to the Shibarium launch has left the SHIB team members dumbfounded. The enormous engagement from the community reportedly led to a temporary suspension of Shibarium for 30 minutes as the network’s capacity was overwhelmed by the unusual level of user activities. 

Lucie, a marketer for the Shiba Inu ecosystem, was astonished by the overwhelming success Shibarium experienced. She revealed in a post on X that the Shiba Inu development team had miscalculated the amount of adoption and interest the Shibarium mainnet would garner. 

She also highlighted that the unexpected surge in adoption may have been fueled by the community’s desire to embrace the benefits of potential low-cost transactions and increased efficiency on the Shibarium mainnet. 

Shiba Inu (SHIB) price chart from Tradingview.com (Shibarium launch)

Shiba Inu Lead Developer Addresses Shibarium Network Issues

Following the temporary halt of the Shibarium network, Shiba Inu’s head developer, Shytoshi Kusama addressed investors’ concerns regarding the halt. He pointed out that the issues rose from an unexpected increase in users, while reports revealed that transactions on Shibarium were paused for over 10 hours as a result of a server failure and a faulty bridge. 

Kusama has, however, reassured the SHIB community, stating that the Shibarium mainnet was proceeding smoothly. He explained that the Shibarium network was undergoing various tests and reconfigurations to ensure that the network can withstand a high influx of users in the future. 

He further added that several features have been integrated into the network including a rate-limiting at RPC level and an auto server reset to prevent future outages. Following this, reports suggest that Shibarium’s testing processes have seen significant success and the network is poised to reopen soon.