As a seasoned crypto investor with a keen interest in the Shiba Inu ecosystem, I find myself both excited and concerned about the recent developments surrounding SHIB. On one hand, the approaching 5 million blocks milestone on the Shibarium network is an impressive achievement that underscores the growing adoption of this layer-2 solution. However, the lackluster price performance of SHIB in response to this news is certainly worrying.
As a crypto investor in the Shiba Inu (SHIB) community, I’m excited about the upcoming milestone in our ecosystem with Shibarium, our layer-2 network, approaching 5 million blocks. This is a significant achievement, and I’m looking forward to seeing how it will contribute to the growth and development of SHIB. However, I can’t help but feel concerned that despite this progress, the price of Shiba Inu has remained relatively stagnant for some time now. It’s natural for members of our community to be worried about this trend, as we all want to see our investment grow and thrive. Let’s stay positive and keep an eye on any upcoming announcements or developments that could potentially impact the price of SHIB.
Shibarium About To Hit 5 Million Blocks
As an analyst, I’ve observed that the Shibarium network has processed over 4.9 million blocks based on the data from Shibariumscan. Each block holds transactional records, indicating a substantial amount of activity on the network. Reaching this milestone signifies significant progress for Shibarium.
Despite this latest development, Shiba Inu’s price has failed to rally. Instead, the cryptocurrency is currently slumping, with analysts attributing the decline to unfavorable on-chain indicators. According to CoinMarketCap, Shiba Inu’s trading volume has dropped by more than 20% within the past day, hinting at a waning investor appetite for the meme coin.
As a crypto investor, I’ve noticed that Shiba Inu’s token burn rate has decreased by over 26% in the last seven days, which is noteworthy given its past impact on price increases for this meme coin. Surprisingly, this reduction in burn rate can be attributed to the decline in daily transactions on the Shibarium network.
The number of daily transactions on Shibarium, the layer-2 network for Shiba Inu, has been unusually low recently, with only one day in this month surpassing 20,000 transactions. This trend is further supported by the decrease in Shibarium’s Total Value Locked (TVL), which currently stands at $2.2 million according to DeFiLlama. This figure represents a significant drop from its high of $3.9 million in March 2023, indicating reduced confidence among investors within the Shiba Inu ecosystem.
Shiba Inu On-chain Metrics Paint A Bullish Picture
According to data from the market intelligence platform IntoTheBlock, the number of new users interacting with Shiba Inu on the blockchain has significantly increased, indicating a bullish outlook for the meme coin. This growth suggests that the recent price decline may be just a normal correction in an otherwise positive trend.
According to IntoTheBlock’s data, there has been a notable uptick of approximately 4% in significant Shiba Inu transactions recently. This trend bodes well for Shiba Inu as these substantial dealings could potentially initiate a price rebound for the meme coin.
At present, Shiba Inu boasts robust fundamentals. Notably, its lead developer, Shytoshi Kusama, has brought up the idea of a Shiba Inu Exchange-Traded Fund (ETF) being listed on the spot market. Additionally, Coinbase International Exchange has declared its intention to introduce Shiba Inu perpetual futures, with trading set to commence on May 30th.
As a crypto investor, I’m checking the current market status, and Shiba Inu (SHIB) is presently trading at approximately $0.00002444 based on information obtained from CoinMarketCap. However, its value has decreased in the last 24 hours.
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2024-05-27 20:11