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Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge

In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.

Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed.

Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said.

Shiba Inu Price Unfaced

The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks.

Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle.

Shiba Inu price

At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed.

A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts.

This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended.

If SHIB battles above the extended lower trendline, the case for an imminent surge grows stronger, potentially leading to a rally towards the Fibonacci levels of 0.382 ($0.00002867), 0.5 ($0.00003203) and 0.618 ($0.00003527).

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Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules

In a post on X (formerly Twitter), Lucie, the marketing lead for Shiba Inu, has provided potential investors with a new set of guidelines for evaluating projects within the Shibarium ecosystem, a dedicated layer-2 blockchain aimed at enhancing the Shiba Inu network. This guidance focuses on critical factors that reflect a project’s contribution to the ecosystem’s growth and sustainability.

Five Investment Rules For Shibarium Projects

1. SHIB Token Burn: Lucie emphasized the importance of SHIB token burning as a primary metric. Token burning, or permanently removing tokens from circulation, is a strategy used to induce scarcity and potentially enhance the token’s value over time. Lucie assesses the impact of SHIB burns on the ecosystem’s overall health and price stability.

2. Metaverse Development: The second rule focuses on whether projects are planning or currently building within the Shiba Inu Metaverse. As SHIB: The Metaverse represents a burgeoning area for development, investments in this space could signal forward-thinking and innovative capabilities within the Shibarium projects.

3. Engagement with BONE Token: BONE ShibaSwap (BONE), serves as the gas token for transactions within Shibarium. Lucie queries whether a project is involved in burning BONE or creating utilities around it that increase its appeal and functional use within the ecosystem. This utility can significantly impact the token’s demand and usage patterns.

4. LEASH Token Utilization: Another crucial factor is the use of Doge Killer (LEASH), another significant token in the ecosystem. Projects’ plans for incorporating LEASH into their functionalities or governance structures reflect their integration depth within the Shibarium network.

5. Verified Contributions to Shibarium: The final criterion involves assessing the tangible, positive contributions a project has made towards improving Shibarium, with a necessity for these contributions to be verifiable on the blockchain. This transparency ensures that the projects not only promise but also deliver real value to the ecosystem.

Examples Of Shiba Inu Projects Meeting Lucie’s Criteria

Lucie named several projects that exemplify her investment rules. WoofSwap, for example, has been a proactive participant in SHIB and BONE burning through its inscription tokens and the launch of its meme coin, DAMN. This activity helps reduce the circulation of key tokens, potentially driving up their value.

Shib Dream and Shib CoOp were cited for their contributions to building within the Shiba Inu Metaverse, a significant area of development that could herald new utility and user engagement within the ecosystem. K9 Finance has been noted for enhancing liquidity and staking mechanisms for BONE, creating more robust economic incentives and utility for the token.

In terms of blockchain-verifiable contributions, projects like LumiBots, Mantra Protocol, NestX, and Shib CoOp assist in NFT adoption on Shibarium, facilitating a broader use case for digital assets within the ecosystem. DEX MARSWAP was highlighted for its role in facilitating Shiboshis staking and supporting new projects within the ecosystem.

Shib Dream responded enthusiastically to Lucie’s endorsement: “All great projects! We have burned over a Billion Shib. Invested over 30K in Shibarium Projects. Building in the Metaverse. Gave back over $60K to the community. Good Deeds – Over $10k in Donations. Not using Leash yet going to figure that out. Other things coming soon. SHIBARIUM. Keep Building. Keep Dreaming.”

At press time, SHIB traded at $0.00002360.

Shiba Inu price

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Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange

Shiba Inu’s Layer-2 blockchain, Shibarium, is experiencing a shot of optimism amidst a bearish crypto market. K9 Finance (KNINE), a project aiming to become the go-to platform for liquid staking derivatives (LSD) on Shibarium, has secured a listing on BitMart, a major cryptocurrency exchange. This move, coupled with the upcoming launch of the K9 Finance dApp, is seen as a potential catalyst for growth within the Shibarium ecosystem.

K9 Finance offers functionality similar to Lido Finance on Ethereum. Lido allows users to stake their Ethereum (ETH) while receiving Lido Staked Ether (stETH) which can be used for further DeFi activities. K9 Finance envisions a similar mechanism for Shibarium, enabling users to stake their tokens and receive a liquid derivative in return. This not only increases participation in the Shibarium network but also unlocks additional utility for staked assets.

KNINE Price At A Glance

At the time of writing, the price of the KNINE token has decreased by 9% over the previous 24 hours and is worth $0.00009063. As a result, SHIB’s companion token gained a bearish hue today, in contrast to the optimistic sentiments that arose in response to the listing announcement.

Despite securing a significant exchange listing, the K9 Finance DAO (KNINE) token experienced a sharp decline of 50% over the past 14 days, plunging 75% from its all-time high of $0.0003468 on March 10, 2024.

KNINE’s drop today looks to be consistent with the overall slump in Shiba Inu, since SHIB’s stock also fell significantly on Wednesday. Shiba Inu traded at $0.00002692, down nearly 11% in the last 24 hours, fueling speculation about potential price swings.

The listing on BitMart, the 44th largest crypto exchange by monthly traffic, is a significant win for K9 Finance. It provides increased exposure and liquidity for the KNINE token, potentially attracting new investors and users to the Shibarium ecosystem.

Major Developments Ahead

Adding further fuel to the fire, K9 Finance recently unveiled a sneak peek of its upcoming dApp. The platform will reportedly utilize Shiba Inu’s BONE token for validator rewards. Users who stake their BONE on K9 Finance will receive a wrapped version (knBONE) while their original tokens remain locked, allowing them to participate in governance and earn rewards simultaneously. This integration with BONE creates a symbiotic relationship between the two projects and incentivizes participation within the wider Shibarium ecosystem.

While K9 Finance paints a promising picture for Shibarium’s future, some factors require consideration. The current crypto market slump could lead to price volatility for KNINE. Additionally, the overall success of K9 Finance hinges on the wider adoption of Shibarium itself. As a relatively new Layer-2 solution, Shibarium needs to attract developers and users to establish a robust ecosystem.

Featured image from Pexels, chart from TradingView

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Shiba Inu Takes Over The Internet: Google Searches Climb As Global Interest Surges

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is back in the spotlight with a surge in both search interest and token price. Google Trends data reveals a global increase in searches for “Shiba Inu” and related queries, indicating renewed investor optimism for the meme coin.

Shiba Inu Surge Sparks Enthusiasm

This increase comes after a quiet period for the memecoin. However, the past month has been nothing short of phenomenal. Search popularity reached a seven-day peak of 100 on March 16th, though it has settled at a still-healthy 48 – significantly higher than January’s levels. Phrases like “Why is Shiba Inu going up?” and “Shiba Inu All-Time High” have also seen a significant uptick, reflecting investor curiosity and potential buying interest.

While the interest is global, specific regions are leading the charge. Pakistan, the Netherlands, Slovenia, Canada, and Nigeria have emerged as the top search originators for SHIB in the past week. This geographically diverse interest suggests a broad-based appeal for the meme coin.

This renewed interest coincides with a remarkable price rally. SHIB’s value has skyrocketed over 180% in the past month, reaching a two-year high of $0.000045. This bullish run fueled speculation of a retest of its all-time high above $0.000088. However, the market has since witnessed a correction, bringing SHIB’s price down slightly.

Despite the correction, the enthusiasm within the Shiba Inu community remains high. The long-term goal of reaching $0.01 per SHIB token continues to be a hot topic, although analysts caution it might take several years to materialize.

Shibarium And Market Recovery

To achieve this ambitious target, the developers are focusing on Shibarium, the project’s Layer-2 scaling solution. Shibarium aims to become a thriving smart contract hub, potentially attracting more users and driving up demand for SHIB.

Experts believe several factors are contributing to the current Shiba Inu frenzy. The broader cryptocurrency market has shown signs of recovery after a recent slump, potentially boosting investor confidence in meme coins like SHIB.

Additionally, ongoing developments within the Shiba Inu ecosystem, such as Shibarium and the burning initiatives to reduce the overall token supply, might be fueling investor optimism.

Whether SHIB can maintain its current momentum and reach its long-term price goals remains to be seen. However, the recent surge in search interest and price rally is a clear indication that the “Dogecoin Killer” is back in the game, attempting to capture the hearts (and wallets) of memecoin enthusiasts worldwide.

Featured image from Pexels, chart from TradingView

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Shiba Inu: Shibarium Transaction Activity Spike Amid Market Growth

Shiba Inu layer 2 blockchain platform Shibarium, has witnessed a notable surge in transaction activity carried out on the platform, with its daily transaction performance reaching a new monthly high.

Shibarium Daily Transactions Skyrocket

The number of transactions on the layer 2 blockchain has skyrocketed since Shibarium was introduced, surpassing multiple noteworthy benchmarks. Recent data from Shibariumscan has revealed an uptick in daily transactions, soaring to about 3 million.

The rise in daily transactions to the coveted 3 million milestone marks the highest the network has seen this month. This comes weeks after the number of daily transactions on the network plummeted to about 1.07 million.

Consequently, the notable rise showcases how quickly Shibarium has spread and gained widespread recognition in the past few weeks. This appears to be a significant development. However, it is still below the highest level it recorded in December. 

Shibarium has seen large increases in network activity before when its daily transactions reached a peak of around 7.5 million. After crossing the 7 million mark, it managed to maintain above this level for a month before dropping by almost 50% in January. 

Data from the Shibarium tracker also shows that the network has reached a major milestone in its overall transactions. According to Shibariumscan, the total number of transactions recorded on the platform since its launch has surpassed 357 million.

It is worth noting that Shibarium’s performance goes beyond the network’s transactions. There have been over 3.27 million blocks processed on the blockchain, suggesting a crucial increase in demand for scalable features.

Furthermore, the overall number of interacting wallet addresses recorded in the network has now crossed 1.35 million. In addition, the network utilization is up by over 51%, indicating an increase in adoption.

Due to this sharp rise in Shibarium network activity, investors’ interest in Shiba Inu is expected to increase. Hence, it buttresses all other projects and crypto assets in the SHIB ecosystem.

Shiba Inu Team To Burn Top Shibarium Tokens 

Lucie, Shiba Inu’s head of marketing, has revealed the team’s plan to burn SHIB and several other top Shibarium tokens. She took to the X platform to share the development with the SHIB community.

Lucie noted that funds made from the sale of the new NFT collection Shiboshis will be used to burn the tokens. These include Shiba Inu (SHIB), Bone ShibaSwap (BONE), LEASH, TREAT, and SHI.

Specifically, any Shiboshis that the holders fail to claim will be sent to Uniswap for sale. Then, the Shiba Inu team will use 10% of the total realized funds from those sales to burn the tokens. 4% of the funds will be set aside to burn BONE, LEASH, TREAT, and SHI, while 6% will be used to burn SHIB.

Shiba Inu

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Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops

Shiba Inu (SHIB), often touted as the “Dogecoin killer,” finds itself at a critical juncture as it grapples with a recent downturn, inviting scrutiny into its stability and future prospects.

Shibarium Surge Sparks Investor Optimism, Concerns Linger

Despite some investors maintaining an optimistic outlook, buoyed by recent developments such as the surge in Shibarium, others harbor reservations about the token’s performance and distribution dynamics.

The red signals flashing for SHIB investors are hard to ignore. A recent analysis by IntoTheBlock reveals that a substantial 67% of investors currently find themselves in the red, indicating that their investments are underwater.

This underlines the token’s struggle to gain traction in the prevailing market conditions. Over the past month, SHIB has experienced a 5.86% decline in price, coupled with a lackluster 0.78% decrease in the last 24 hours, currently trading at $0.000009039.

Adding to the concerns, trading volume has dwindled by 10.03%, signaling diminishing interest and prompting investors to exercise caution. This wariness is further underscored by the fact that only 28% of SHIB investors are currently in profit, with an additional 6% breaking even.

Wealth Accumulation, Another Challenge

The accumulation of wealth within the Shiba Inu ecosystem poses another challenge. Nearly 80% of the total holdings are concentrated in the hands of a small group of large investors. This lopsided distribution raises legitimate concerns about market manipulation and heightened volatility, thereby increasing the risk for average investors.

However, amidst the prevailing uncertainties, there exists a silver lining in the form of Shibarium. The project’s Layer-2 blockchain solution has witnessed a remarkable surge in activity.

Within just three days, the number of new accounts on Shibarium skyrocketed by an astonishing 254%, reaching an impressive 63,162. This surge in network usage often foreshadows significant price fluctuations, providing a glimmer of hope for the future prospects of SHIB.

As the token stands at a crossroads, its future hinges on several pivotal factors. Market sentiment, particularly towards meme coins, could play a decisive role in influencing the token’s price.

Additionally, the success of any new initiatives or partnerships that enhance SHIB’s utility and adoption has the potential to attract fresh investors and elevate its overall valuation.

SHIB investors are urged to tread carefully. While the recent performance and wealth concentration raise legitimate concerns, the surge in Shibarium activity suggests a potential avenue for growth.

Featured image from Adobe Stock, chart from TradingView

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Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar

Shiba Inu marketing lead Lucie has given an insight into the timeline for the upcoming developments of the project, sending the SHIB army into a tizzy. Speaking via X (formerly Twitter), Lucie provided a glimpse into the roadmap after a meeting with the project’s lead, Shytoshi Kusama.

Lucie stated, “After meeting with Shytoshi Kusama, I can’t reveal much, but I can say one thing: The goal is to have everything finished by the end of this year. The whole vision should be completed by 2024/2025. It’s not a promise, but that’s the goal.”

This ambitious timeline suggests a rapid pace of development for the Shiba Inu ecosystem. The marketing lead emphasized the potential impact of these developments on the Shibarium, BONE, and the SHIB token itself, particularly highlighting the role of decentralized applications (dApps) and strategic partnerships.

“With every dapp usage on Shibarium and many significant partnerships in the works, it should have an amazing impact on Shibarium, BONE, while also contributing to burning SHIB,” she said.

Lucie further elaborated on the significance of the DAO, stating, “The Dao will showcase the real power of LEASH and Shiboshis.” Furthermore, the Shiba Inu team appears to be gearing up for another step forward with the SHIB Metaverse, with Lucie teasing, “As for the Shib the Metaverse… well, we will see. One world, one financial state. All hail to the real holders!”

Shiba Inu Price On The Verge Of A Breakout?

The SHIB cryptocurrency is currently exhibiting signs of consolidation within a descending channel pattern, hinting at a potential breakout in the near term. As of the latest data, SHIB trades at $0.00000904 against the US dollar on the Coinbase exchange, with a modest 1.8% decrease in the last 24-hours.

Technical analysis of the SHIB/USD pair in the 4-hour indicates that the price is oscillating within a descending channel, which is typically considered a bearish pattern but can lead to a bullish breakout if the price breaches the upper boundary. The price has touched the larger trend line support derived from the weekly chart, suggesting a strong historical support level.

Shiba Inu price

The Exponential Moving Averages (EMAs) on the 4-hour chart provide key levels to watch. The 200-EMA ($0.00000938), 20-EMA, 50-EMA, and 100-EMA are layered above the current price, with the 200-EMA acting as the most important resistance.

Volume is quite low, which does not highlight significant buying or selling pressure at the moment. The Relative Strength Index (RSI) is hovering around the 49.69 mark, which is just below the neutral 50 level, indicating an equilibrium between buyers and sellers. A move above 50 in the RSI could signal increasing buying momentum, which might assist in a bullish breakout from the channel.

Fibonacci retracement levels from the recent swing high to low show that the 0.236 level at $0.00000878 has been acting as the most crucial support recently, while the 0.382 level at $0.00001050 and the 0.5 level at $0.00001188 are potential upside resistance levels that come into focus when SHIB breaks out of the descending channel.

For SHIB to confirm a bullish breakout, it needs to consistently close above the upper boundary of the descending channel and the 200-EMA. A decisive 4-hour candlestick close above these levels could encourage further buying, potentially leading to a test of the 0.382 Fibonacci level. Moreover, it’s crucial for bulls to maintain the price above the larger trend line support to avoid a bearish turnover that could see SHIB revisiting lower support levels.

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Shiba Inu On Fire: Over 12 Million SHIB Vaporized – Impact On Price

The Shiba Inu meme coin community is currently abuzz with a palpable sense of excitement, courtesy of two key developments: a surge in token burning and promising advancements in the Shibarium layer-2 solution. While the cryptocurrency market is inherently volatile and unpredictable, these recent developments present a potential trajectory for Shiba Inu’s long-term growth and stability.

Shiba Inu’s Burning Surge: Impactful Trends

Shiba Inu has ignited a fervent blaze of token burning, sending ripples across the cryptocurrency landscape. In the span of just 24 hours, the token witnessed an astounding 12 million SHIB tokens burned.

Source: Shibburn

This surge in incineration is not a fleeting phenomenon; rather, it marks a consistent trend since the beginning of 2024. Over this period, the flames of token destruction have steadily climbed, devouring over 9 billion SHIB tokens, equivalent to 10% of the total burned throughout the entirety of 2023. The overarching goal of this orchestrated effort is to curtail the circulating supply, creating an environment of scarcity that holds the potential for future price appreciation.

However, amidst the excitement, whispers of skepticism linger on the periphery of this fiery spectacle. The cryptocurrency market, characterized by its capricious nature, is subject to a multitude of influencing factors. While token burning contributes to scarcity and has the potential to stimulate demand, external forces such as macroeconomic trends and broader market sentiment wield significant influence.

The fiery dance of Shiba Inu is sustained by two distinct mechanisms:

  1. Transaction Fees: Each Shiba Inu transaction contributes a portion of its value to the pyre, forever eliminating these tokens from circulation. This process, while manual, plays a crucial role in the ongoing burn rate.
  2. Shibarium: This recently launched layer-2 solution introduces a transformative token burning mechanism designed to automate the scorching process. This automation is a pivotal step in optimizing Shiba Inu’s scalability and transaction speeds, potentially broadening its appeal and stoking the flames of adoption.

Shibarium Milestone: 300 Million Transactions

The Shibarium inferno continues to blaze with vigor, surpassing a noteworthy milestone of 300 million total transactions. This achievement underscores the growing traction of the layer-2 solution within the Shiba Inu ecosystem, adding fuel to the flames of optimism regarding its future impact.

At the time of writing, SHIB was trading at $0.058, up 0.3% in the last 24 hours, but sustained a 3.6% loss in the last seven days, data from Coingecko shows.

The burning of such a substantial volume of tokens raises questions about the potential impact on Shiba Inu’s price dynamics. The deliberate effort to reduce the circulating supply through this intense token destruction suggests a strategic move towards scarcity, a factor that traditionally influences demand and could potentially lead to price appreciation.

Featured image from Pixabay, chart from TradingView

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Shiba Inu Team Teases ‘Next Big Thing’ As ‘Big Money’ Eyes SHIB

Shiba Inu marketing lead Lucie has ignited the community’s excitement with a teaser about the project’s future. On X, the platform that has taken the place of Twitter, Lucie dropped a tantalizing hint about what’s to come for the Shiba Inu ecosystem. Her message, shrouded in mystery, suggests a bullish future while details remain undisclosed.

Lucie teased, “I can’t disclose specifics, but if you possess basic blockchain skills and understand the Shibarium process, you can anticipate what’s ahead.” Lucie continued by highlighting the interest from significant investors: “Big investors are now putting their money into the next big thing.” She also shared an intriguing viewpoint on investment, “A fun fact: real art is finding the gem before anyone else.”

She also expressed her confidence in the project’s trajectory, emphasizing the commitment of the team: “I believe in our hard work and persistence; winning is the only option.” She mentioned Shibarium (BONE), LEASH and SHIB in reference to the tokens within the Shiba Inu ecosystem, suggesting that one or more of these tokens will be central to what’s coming next.

In conclusion to her message, Lucie reminded the community of the personal nature of investment goals and the relationship between investment and potential returns: “But remember, each of us has different goals, and how much you invest determines how much profit you collect.”

She encouraged realistic goal setting and wished everyone luck: “Set your bar realistically, and let’s see how it goes. Good luck to everyone on their journey with Shiba Ecosystem or any other project!”

Shiba Inu Price Holds Key Support

Transitioning to the technical analysis of Shiba Inu’s price action, the weekly chart reveals a number of critical insights. The chart below displays the SHIB/USD pair on a weekly timeframe, offering a broad view of market sentiment and price trends.

Shiba Inu price

The price is currently hovering above a crucial support level, as indicated by the recent candles sitting atop the Fibonacci retracement level of 0.236, priced at $0.00000878. This zone is pivotal as it represents a potential reversal area where buyers have previously stepped in.

The descending trend line, drawn from the highs of August 2022, was broken in December 2023, suggesting a shift in the market structure. However, the price has since retested this line, now acting as support.

The EMA (Exponential Moving Average) lines — 20 (red) and 50 (orange) — are of particular interest. Within the last three weeks, SHIB couldn’t close above the EMA50 ($0.00000975) and is currently trading below the EMA50 ($0.00000904). A weekly close above the latter could be a bullish sign.

Notably, the price has been making lower highs, indicative of a downtrend, but the recent support hold above the blue trend line and the 0.236 Fib could be a sign of potential bullish momentum.

The volume profile shows no significant spikes, indicating a lack of strong buying or selling pressure at the current levels. The RSI (Relative Strength Index) sits just above the midline at 54.71, which does not denote an overbought or oversold market, aligning with the consolidation narrative.

Key resistance levels to watch are the Fibonacci levels of 0.382 ($0.00001049) and 0.5 ($0.00001188). A break above these could signal a stronger recovery. Conversely, if the price falls below the current support, the next level to watch would be $0.0000715.

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Shiba Inu Ecosystem Soars: Shibarium Hits Crucial Milestone

In an exciting turn of events, Shibarium, the Ethereum-based layer 2 blockchain of Shiba Inu, has witnessed yet another crucial milestone in its overall number of transactions carried out on the platform.

Shiba Inu Blockchain Latest Milestone

The total number of transactions on the layer 2 blockchain has skyrocketed since Shibarium was launched, surpassing several crucial milestones. In addition, the blockchain is gaining enormous traction and has seen widespread utilization from its community members.

The Shiba Inu blockchain recently reached another important benchmark after surpassing the 300 million transactions threshold. This achievement comes just five months after Shibarium was introduced by the Shiba Inu team.

Data from Shibariumscan.io reveals that the total number of transactions carried out within the platform is sitting at 304,137,502. These transactions were carried out by approximately 1.3 million wallet addresses.

Shibarium’s performance goes beyond the total number of transactions on the network. The platform shows that over 2.7 million blocks have been processed, totaling 2,788,561.

Despite the development, the network’s activity appears to be slowing down. The data from the network’s tracker shows that the average daily count is sitting at 2.69 million. This is a drop from the average 7 million transaction count it recorded throughout last month.

Shibarium’s latest milestone comes amidst a massive whale transaction that saw over 400 billion Shiba Inu tokens being moved between unknown wallets. According to data from Etherscan, the transaction totalled 419,872,915,864 SHIB, valued at a whopping $3.87 million.

The reports show that the unknown wallet, identified as 0xecfB3971, moved the aforementioned funds to another unknown wallet address, 0xd373B9. The move has since raised speculations around the community because both addresses are still unrecognized.

SHIB Community Celebrates The Latest Heights

Members of the Shiba Inu community have been celebrating the latest achievement as Shibarium transactions have topped 300 million. The team has also shared the accomplishment on the social media platform X (formerly Twitter).

Related Reading: SHIB Roars As Shibarium Hits 100 Million Transactions – Big Things Unfolding

In the X post, the team highlighted that the ShibArmy had taken Shibarium transaction volume to unprecedented heights. The Shiba Inu team has always attributed such heights to its stellar community. 

Furthermore, it stated that the Shibarium rollercoaster only goes in the “UP” trajectory. According to the comment, Shibarium’s transaction volume and other statistics are likely to rise continuously.

The post read:

SHIBARMY is driving Shibarium to new heights. This rollercoaster truly has only one direction: UP.

Currently, the price of Shiba Inu is still down despite the project’s milestone. SHIB is trading at $0.00000872, indicating a decline of over 4.50% in the last 24 hours.

Data from CoinMarketCap shows that Shiba Inu’s market cap is also down by the same percentage as its price. Meanwhile, although the price of SHIB is down, its trading volume is indicating an over 24% daily increase.

Shiba Inu

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Shibarium On The Verge Of Momentous Milestone – Will This Trigger A Price Rally?

Shibarium is almost at a new transaction milestone amid Shiba Inu’s market price uncertainty. The latest data from Shibariumscan shows the layer-2 scaling platform for Shiba Inu is now nearing a transaction count of 300 million, an exciting threshold that points to a successful and impactful rollout. With SHIB now struggling to post gains in the past month, it is only natural to ponder whether Shibarium’s eventual attainment of this transaction milestone could reverse the meme coin’s fortune, even if only temporarily. 

Shibarium Nears 300 Million Transactions

Shibarium has largely been successful since it went live in August 2023, becoming the preferred platform of Shiba Inu whales and investors. In the first month, Shibarium processed more than 3 million transactions, an indication of its market fit. 

The layer-2 solution particularly witnessed a flurry of transactions towards the end of 2023, pushing the total transaction count over milestones in multiple succession. In December, Shibarium averaged over 7.5 million transactions every day.

However, the daily transaction count has seen a decline in January, save for a recent integration of Shibarium by crypto exchange Gate.io. Despite the recent decline, Shibarium’s total transactions point to steady activity. At the time of writing, Shibarium’s 24-hour daily transaction stands at 2.75 million and a total of 299.4 million transactions, spanning 2.75 million blocks.

Incoming SHIB Price Surge?

As it stands, a larger part of SHIB’s utility is now tied to the adoption and use of Shibarium, and the crypto is known to react to updates regarding the Shibarium platform. SHIB has mostly traded below $0.00001 since the beginning of the year, and a 300 million transaction milestone could become a much-needed catalyst for a price surge. 

Higher usage signals investor interest and faith in the ecosystem. At the same time, fees collected from transactions on Shibarium could be used to burn more SHIB, leading to an uptick in the SHIB tokens left in circulation.

SHIB is currently trading at $0.000009474, down by 13% since reaching $0.0000109 on January 2nd. Price action shows the crypto testing the $0.0000087 and $0.0000089 support levels throughout the month, rebounding three times. According to data from IntoTheBlock, 78.92 trillion SHIB tokens were bought between these price points, which are now acting as support

BONE, Shibarium’s gas token, also shares the same sentiment. BONE is currently trading at $0.6179, down by 18% in the past month, as part of the recent daily transaction decline on Shibarium. However, reaching a new transaction milestone could cascade into an uptick in daily transactions, which would increase BONE’s utility and trigger price growth.

Featured image from Pexels 

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Shibarium Shatters Records: 2 Million Transactions In A Day – Details

After a month of quiet paws, Shibarium, the Layer-2 solution for the popular meme coin Shiba Inu, has roared back to life with a staggering 200% increase in daily transactions over the past two days.

This surge marks a dramatic turnaround from its recent lull, reigniting optimism among the SHIB army and sending the platform’s gas token, BONE, leaping 6%.

Strong Showing: Shibarium Soars

Data from Shibariumscan reveals a notable ascent: On Saturday, transactions had slumped to a dismal 1.16 million, the lowest point in recent memory.

Awakened by increased activity, today recorded a remarkable 2 million transactions, surpassing the platform’s previous peak of 7.84 million in November.

So, what unleashed this furry fury? Gate.io, a major cryptocurrency exchange, appears to be the culprit in all the best ways.

Their recent integration of Shibarium allows users to finally break free from the shackles of centralized exchanges and withdraw BONE tokens directly onto the Shibarium network.

This marks a monumental milestone, signifying the first major partnership between Shiba Inu’s Layer-2 solution and a traditional exchange.

Gate.io’s decision is a significant step forward for Shibarium’s accessibility and opens up exciting possibilities for the platform, according to some analysts.

With over 285 million transactions under its belt, 1.3 million active wallets, and 2.6 million blocks stacked high, Shibarium’s network metrics tell a story of continuous growth.

BONE Surge Fuels Shibarium’s Promising Future

And while the price of SHIB itself experienced a slight dip today, BONE, the fuel that powers Shibarium, surged an impressive 7%, suggesting investors are placing their bets on the Layer-2 solution’s future.

The question now: Is this just a fleeting blip on the radar, or the dawn of a new era for Shibarium? The SHIB community, ever hopeful, chooses to see it as the latter.

Some analysts say this could be a turning point for Shibarium. With more integrations and partnerships on the horizon, the platform has the potential to revolutionize how users interact with the Shiba Inu ecosystem.

Only time will tell if Shibarium can sustain this momentum. But for now, the Shiba Inu’s Layer-2 solution is back in the spotlight, its paws firmly planted on the gas pedal, and its sights set on a decentralized future for the meme coin revolution.

Featured image from Shutterstock

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Shiba Inu Whales Eat The Dip: 2.39 Trillion SHIB Make Their Way To Cold Storage

Shiba Inu whales have been gobbling up the recent dip in Shiba Inu, with on-chain data showing some accumulating an enormous 2.39 trillion SHIB between them. SHIB’s price has been on a downtrend since the beginning of the month, falling as low as 20% from the yearly open to reach $0.000008735 on January 8th. 

Although the crypto has since recovered 15% from this low and is now trading at $0.000009763, its price is still showing signs of decline and is currently down by 3.3% in the past 24 hours. Behind the background sits some whales, gobbling up a whopping 2.39 trillion SHIB tokens worth $24.15 million and sending them straight to cold storage.

Cold storage mostly refers to digital wallets that are not owned by crypto exchanges, making the SHIB stored in them inaccessible for trading or selling. By putting their Shiba Inu into cold storage, these whales show that they plan to HODL for the long term.

Whales Accumulate 2.39 Trillion SHIB In A Month

Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. According to on-chain transaction tracker Lookonchain, there have been huge SHIB transfers from crypto exchange Binance into four whale addresses in the past 30 days.

The latest big SHIB whale transaction was one of 136.86 billion SHIB tokens worth $1.38 million at the time of transfer to a newly created wallet. Notably, this was the smallest accumulation from the four whales. The three other whale transactions were of larger proportion, one of which included TRON founder Justin Sun who accumulated 577 billion SHIB worth $5.82 million from Binance.

The third exit from Binance went into address 0xa656, which accumulated 237.87 billion SHIB worth $2.4 million. The largest accumulation came from 0xF633 who accumulated 1.44 trillion SHIB worth $14.54 million from Binance and Gateio. 

https://x.com/lookonchain/status/1745361421817508240?s=20 

Current State Of Shiba Inu

According to data from IntoTheBlock, large SHIB holders now hold 78% of the total circulating supply, and some of them can manipulate the price to their advantage. However, the huge buys indicate that some SHIB whale investors remain confident in the token’s long-term prospects, despite recent market volatility. 

Shytoshi Kusama, the lead developer of Shiba Inu, urged the growing SHIB community in a social media post to remain steadfast. This came in light of the introduction of Shib name tokens. On the other hand, the SHIB burn rate has seen a spike in efforts to push the price of SHIB up. According to the burn tracker, the burn rate recently witnessed a 395.43% spike in burn rate.

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Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery

Ethereum-based memecoin Shiba Inu (SHIB) has once again garnered the attention of the crypto community as the altcoin has witnessed a massive whale accumulation leaving the community to ponder on the reason behind the whale accumulation.

Shiba Inu Whale Amassed 1.44 Trillion SHIB

Recent data from crypto analytics firm Lookonchain has revealed that new buyers are stacking Shiba Inu on Binance and Gate.io. The analytics platform shared the data on the social media platform X (formerly Twitter).

As of the time of the report, over 1.44 trillion SHIB, valued at about $13.36 million, had left exchanges in less than 48 hours. With split purchases over a period of time, the accumulation was a clear move.

Lookonchain revealed that the unknown whale addresses 0xF633Cd….3493Bbac began the accumulation on the Binance platform. The whale reportedly moved 400 billion SHIB tokens from the platform to the wallet address.

Additionally, the whale received another 146,342,102,182.77 SHIB around an hour later. This brings down the total amount of SHIB withdrawn from Binance to 546,342,102,182.77, valued at approximately $5.18 million.

Furthermore, the analytics firm reported another massive Shiba Inu withdrawal from the crypto exchange Gate.io. Lookonchain shows that the whale started the accumulation from Gate.io with an initial batch of 32,913,563,627.61 SHIB tokens.

Meanwhile, the next whale accumulation which was the largest consists of 499,999,665,444.45 SHIB. The whale then completed the move with an additional 362,134,360,200.61 SHIB buy. This brought the total amount of SHIB amassed to a whopping 895,047,589,272.67 valued at about $8.5 million.

According to Lookonchain, the aforementioned wallet address 0xF633Cd….3493Bbac is responsible for the tokens withdrawn from both crypto platforms. 

These transactions came at a time when the Shiba Inu was experiencing a price rebound. However, there is no solid proof that these transactions have affected the price of SHIB positively.

A Significant Drop In Shibarium Transaction Counts

The Shiba Inu layer 2 blockchain platform Shibarium has experienced a significant drop in its transaction counts. The drop in transactions might suggest a broader change in users’s confidence and engagement.

According to data from Shibariumscan, the network’s daily transactions are currently pegged at 2.73 million. This is the lowest the network has seen in months now.

The network has been seeing a notable decrease in transaction counts since the close of the previous year. The drop in daily transaction counts indicates a decline in the network’s adoption.

Data from Shibarium Explorer shows that the network’s utilization is down up by 11%. However, this is a drop from the 30% network utilization it recorded on Monday, January 8.

As of the time of writing, SHIB was trading at $0.000009522, indicating an increase of 1.20% in the past 24 hours. Meanwhile, its 24-hour trading volume is currently seeing an uptick of 64%, according to CoinMarketCap.

Shiba Inu

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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 Burn Rate Spikes Over 2,700% Despite Market Slowdown

Shiba Inu’s price action has been on a consolidation activity since the beginning of the week. However, the Shiba Inu community has ramped up SHIB burn activities in the past 24 hours, pushing the burn rate up by more than 2,700%. What this means is that SHIB holders have been sending large amounts of the meme coin to unrecoverable wallets, reducing the total supply amidst efforts to push the price up. 

Shiba Inu Burn Rate Skyrockets In 24 Hours Amid SHIB Decline

SHIB tokens are normally burned sporadically, and any investor can burn tokens by sending them to any of the three SHIB burn addresses. Members of the Shiba Inu team have increased sensitization efforts in recent months to increase the burn rate of community members. 

According to information obtained from the official SHIB burn tracker, Shibbburn, the Shiba Inu burn wallets have witnessed an influx of burn transactions in the past day. These burns came in from four major transactions, with the highest being 13,140,241 SHIB tokens burned in one go from address “0xa034”. As a result, the SHIB burn rate spiked by a whopping 2,752% with more than 14.8 million SHIB incinerated in total. This is in stark contrast with the previous day’s figures which came out at around 2.5 million SHIB tokens sent to the burn addresses.

The Shiba Inu team has been particularly active with SHIB burns, burning a total of 33.8 billion tokens in four transactions this month. In all these, the SHIB community has removed 410.69 trillion tokens from the initial SHIB token supply. At the time of writing, Shiba Inu’s circulating supply stands at 581 million tokens.

SHIB Trades In Tight Range

SHIB, on the other hand, has been trading inside a narrow price range for approximately a week now, with the upper resistance of $0.000011 and the support of $0.00001067 serving as the two main points of contention. There has been a relative lack of reaction to token burns this week, as the cryptocurrency is currently trading at $0.00001054, which is a decrease of 1.5% over the past seven days. According to data from IntoTheBlock, 37.26% of addresses are in profit at the current price, compared to 42% profitability last week.

A larger 30-day timeframe shows SHIB has mostly reacted positively to the team’s large token burns. The second burn of 8.6 billion SHIB saw the crypto go on a strong spike lasting a few days which pushed its price to $0.00001165 on December 17. Despite the recent correction this week, the token is still holding on to 28.53% of its monthly gain. 

Featured image from Freepik

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Shibarium’s Activity Surge: Wallet Growth And Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu?

Shibarium, the Layer-2 blockchain linked to the widely recognized meme coin Shiba Inu, is making notable strides. Recent data indicates a significant uptick in user engagement, marked by a substantial increase in both transactions and wallet growth.

The Shibariumscan explorer reveals that daily transaction volume on Shibarium has reached roughly 7.84 million, reflecting a steady climb since the beginning of the month.

Total number of transactions on Shibarium Blockchain.

This uptrend in activity has propelled the total transactions on the platform to 212 million, accompanied by the connection of over 1.3 million Shibarium wallets, signifying a growing network of users.

Shibarium’s Dynamic December: Wallet Growth Meets Fluctuating User Activity

Despite the notable growth in wallets, there has been a contrasting trend in active user numbers. While the account numbers have swelled in December, active user engagement experienced a downturn during the same period.

However, a slight rebound in active users was observed on December 27, hinting at a potential revival in participation. Particularly, Shibarium’s active users surged from a low of 1,878 as of December 23 to an high of 2,802 on the 27th.

This pattern of fluctuating user activity, juxtaposed with the consistent increase in wallet numbers, paints a complex picture of Shibarium’s current ecosystem dynamics.

Alongside Shibarium’s transactional growth, the Shiba Inu community has intensified its efforts in token incineration, aiming to reduce the circulating supply of SHIB tokens and potentially boost their value.

The burn tracker Shibburn reports a 17.59% increase in the daily burn rate, with 13.7 million SHIB tokens recently burned. So far, December has witnessed the burning of roughly 24 billion Shiba Inu tokens, underscoring the community’s commitment to reducing SHIB’s supply.

Shiba Inu Burn Rate Surges Over The Past Day

This consistent burning strategy is central to the community’s long-term goal of fostering token value growth through supply reduction.

Shiba Inu Market Resilience Amid Security Warnings

Meanwhile, Shiba Inu has thrived to continue its month-long bullishness. Despite a 1% decline in the past week, the asset currently shows an upward trajectory increasing by 0.8% in the past 24 hours, with a market price of $0.00001047, at the time of writing.

Shiba Inu (SHIB) price chart on TradingView

In the midst of these developments, the ShibArmy Scam Alerts account on X has raised concerns about the prevalent issue of security in the crypto domain, particularly focusing on Shibarium. The account underscores the risks posed by fraudulent projects that exploit inexperienced investors through deceptive advertising.

Emphasizing the importance of being well-informed, the ShibArmy Scam Alerts advises thorough research, including scrutinizing white papers, understanding the fundamentals of the asset, and verifying the authenticity of the development team.

The account also suggests examining media coverage and ensuring active, genuine community engagement on platforms like Discord and Telegram. This comprehensive approach to due diligence is crucial for navigating the crypto space safely and avoiding falling prey to sophisticated scams.

Featured image from Unspash, Chart from Tradingview

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Shiba Inu Just Spiked 12% Overnight – What’s The Next Move?

People who are interested in investing in cryptocurrencies are shifting their attention to possible chances in the market as the holiday season draws near. As a noteworthy option for seasonal gains, Shiba Inu (SHIB) has a distinctive combination of appeal, volatility, and prospective returns.

Lead developer of Shiba Inu, Shytoshi Kusama, recently provided insight into the meme coin’s endeavors as it progresses in the cryptocurrency space.

Kusama Unveils Shiba Inu Community’s Ingenuity

Kusama, a well-known figure in the cryptocurrency sector, provided some new perspective into the remarkable efforts made by the Shiba Inu community to improve the token’s complex economics through an engaging series of social media posts.

The thriving and dynamic community that supports SHIB has shown an unwavering dedication to increasing the Shiba Inu token’s overall value and utility.

Through his posts, Kusama revealed a patchwork of projects that aim to strengthen the Shiba Inu ecosystem, from creative staking techniques to decentralized apps (DApps).

The focus on community involvement in tokenomics development demonstrated a shared goal of establishing Shiba Inu as a strong and long-term digital asset.

At the time of writing, SHIB was trading at $0.000010, making a surprise increase of 13% in the last 24 hours, and sustaining a 9% gain in the last seven days, data from Coingecko shows.

The announcement by the Shiba Inu (SHIB) community to burn billions of tokens in the near future clearly had a good effect on the meme coin’s price today. Kusama’s emphasis on this action marks a substantial transition for SHIB from its meme-centric beginnings to a global standard in the cryptocurrency and blockchain space.

Interest in SHIB is growing because of the upcoming token burn, which could enhance the community’s dedication to guiding SHIB’s development and raise its perceived value.

The administrator of the Shiba Inu Discord channel, who goes by the handle DaVinci, took to Telegram’s “Shibarium Tech” channel to make a significant statement to the Shiba Inu community.

He gave the SHIB army’s expectation that the 25 billion SHIB on Shibarium would burn earlier this week some context.

He said that SHIB burns might occur at any time and that the SHIB crew is hard at work planning them. As “everything has to happen in the correct way,” he advised the people to “take it easy.”

SHIB Burns Surge

Three unique addresses are used to compute burns: tokens transferred to the Genesis address, which lowers the supply, and two dead wallets with no accessible keys.

The SHIB burn rate has increased significantly by 10.07% in the last 24 hours, destroying 1.18 million coins, as of this writing.

Source: Shibburn

The SHIB developers moved an incredible 8 billion SHIB to a dead-end blockchain address earlier this month. Regarding the current SHIB burning, only 1,184,166 SHIB were destroyed in the last day.

Meanwhile, SHIB has taken the top spot on the list of meme coins with the highest level of social activity, according to recent research from Crypto Dep.

The information, which comes from the reliable social intelligence site Lunar Crush, highlights how dominant Shiba Inu is in comparison to other well-known meme-based cryptocurrencies like DOGE, FLOKI, and PEPE.

Featured image form Shutterstock

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SHIB Roars As Shibarium Hits 100 Million Transactions – Big Things Unfolding

Shiba Inu’s layer-2 blockchain Shibarium has breached the 100 million transaction milestone. This brought more exposure to SHIB which has led to a big jump in price. According to Coingecko, the token is up nearly 8% in the weekly, with the biggest bump happening in the bi-weekly timeframe at 23%. 

Shibarium’s recent achievement isn’t the only thing positive on SHIB this week. With the broader market seemingly ending the year on the green, Shiba Inu aims to follow suit. 

Shibarium In The New Age

According to Shibariumscan, the L2 chain has been experiencing an exponential jump since its official launch back in August this year. 

Today, December 14, daily transactions reached 7.36 million with the total transactions processed reaching 105.2 million. This growth can be attributed to the dev team’s recent activities behind the scenes. 

This year, Shibarium is set to transition from the Goerli Network to the Sepolia Network as its layer 1 chain. 

“This strategic shift is instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts. This is planned to go live [on] December 15th, 2023 by which the current Puppynet will stop working,” the dev team announced earlier this month.

According to the blog post, SHIB burns come in two phases: manual and automatic. As of writing, Shibarium is in the manual phase with an estimated 3 massive manual burns coming this month. This would further decrease the supply available on the market, placing upward pressure on SHIB’s price.

Another influence on SHIB’s price is the broader market rally observed in the past few days. Coingecko data shows that the market is up nearly 6% in the daily timeframe. If this trend continues, SHIB will continue to give gains to the bulls. 

Bulls Aim To Knock Another Zero Off

SHIB is currently on its way to knock another zero off of its price as the bulls break through the $0.00000997 price level. If the bulls can stabilize the token at this price point, further gains can be speculated shortly. 

However, the over-reliance of SHIB’s price action on major coins like ETH and BTC might be a problem in the long term. As of writing, the market’s current trajectory is held only Bitcoin’s very bullish past few days. If this streak ends, SHIB will face a very bloody week. 

Featured image from Shutterstock