As a crypto investor with some experience under my belt, I’ve seen my fair share of ups and downs in the world of digital assets. The recent developments surrounding Shiba Inu (SHIB) have piqued my interest once again, as this meme coin continues to be a rollercoaster ride for its investors.
As a crypto market analyst, I’ve observed an eventful week for the Shiba Inu (SHIB) ecosystem. Several notable developments have emerged surrounding this meme coin, bringing renewed attention to its mixed sentiment. While these events could potentially propel SHIB forward, they also pose a risk of pushing the token further down from its current price point.
Shibarium Sees Spike In Total Value Locked
As a researcher examining the DeFi landscape, I’ve noticed some intriguing trends on Shibarium, the layer-2 network connected to the Shiba Inu ecosystem. According to data from DeFiLlama, the total value locked (TVL) on this platform experienced a notable surge this week, reaching a peak of $2.45 million on May 30. This uptick suggests that investor confidence in Shiba Inu is on the rise. It’s an encouraging sign, considering that Shibarium’s TVL had taken a substantial dip following its record-high of $3.9 million in March.
This week, the Shibarium network reached a noteworthy achievement by handling over 5 million blocks in total. This figure underscores the robust demand and widespread use of this layer-2 network since its debut last year. Additionally, Shibarium has facilitated over 4 million transactions and supports nearly 2 million unique addresses.
Despite the efforts of the Shiba Inu team, a significant issue that continues to worry both the team and the community is the decreasing number of daily transactions on the Shibarium network. The network saw fewer than 20,000 daily transactions in all but one day during May. Only on May 3 did it exceed this figure.
As a crypto investor in Shiba Inu, I’ve noticed a concerning trend: the token burns, which are essential for reducing the supply and increasing the token value, have taken a hit lately. According to data from the dedicated burn tracking website Shibburn, there has been a 44% decrease in the number of tokens burned over the past week.
Shiba Inu’s Price At Risk Of A Significant Crash
As an analyst studying the cryptocurrency market using the platform IntoTheBlock, I’ve discovered that approximately 65 trillion SHIB tokens are potentially up for sale following recent price corrections. These tokens were acquired between $0.000025 and $0.000027. Investors who bought Shiba Inu during this period might sell their holdings due to fear of additional price drops, leading to significant selling pressure and potentially pushing Shiba Inu’s price lower.
Shiba Inu could be undergoing substantial selling pressure, according to cryptocurrency analyst Ali Martinez’s revelation. Over the past two weeks, approximately 4 trillion SHIB tokens ($103 million) have been transferred from private wallets to crypto exchanges. Historically, such transfers often indicate that token holders are planning to sell their positions, which may result in increased supply and downward pressure on the SHIB price.
A Memorable Moment In Shiba Inu History
Three years ago, the representative Shiba Inu account on Ethereum‘s X platform (previously Twitter) brought attention to the fact that Vitalik Buterin, Ethereum’s co-founder, had destroyed approximately 410 trillion SHIB tokens – nearly half of the existing supply of this meme coin.
As a researcher studying the origins of the Shiba Inu meme coin, I’ve come across an intriguing piece of information. The founder of SHIB, Ryoshi, sent 500 tokens to Ethereum co-founder Vitalik Buterin in the form of burned tokens. This event is significant because it marks a pivotal moment in the history of Shiba Inu’s ecosystem. Burning tokens means removing them from circulation, which can impact their value and distribution within the community. Vitalik’s receipt of these tokens has left an indelible mark on the SHIB story.
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2024-06-02 04:11