Shibarium Reaches New Milestones, Boosting Shiba Inu’s Ecosystem
Shiba Inu’s layer-2 blockchain solution, Shibarium, made headlines again on September 25, 2023, by hitting significant new milestones. The network has now processed over 7 million blocks, with total transactions approaching the 420 million mark.
Other key metrics have surged as well. Notably, new contracts on Shibarium increased by 700%, jumping from just two on September 23 to 16 the following day. Additionally, the number of verified contracts and new accounts has risen significantly.
Launched in August 2023, Shibarium aims to reduce transaction fees on the SHIB network, support decentralized applications (DApps) within the Shiba Inu ecosystem, and improve scalability. Industry experts suggest that the continued growth of Shibarium could play a critical role in driving a potential price rally for SHIB.
The meme coin’s price has already seen a 14% increase in the past week, currently trading at around $0.00001497, with a market capitalization just under $9 billion, placing it as the 16th largest cryptocurrency.
Is the SHIB Rally Far From Over?
One on-chain indicator that suggests SHIB’s price could continue to rise is the declining number of tokens on cryptocurrency exchanges. As of September 25, data from CryptoQuant shows that the amount of SHIB held on exchanges dropped to a seven-month low of around 141 trillion coins. This trend reflects a shift toward self-custody, reducing the immediate selling pressure.
Additionally, the Shiba Inu burn rate has surged by over 7,000% in the past 24 hours, with nearly 8 million tokens sent to a burn address. While the USD value of the burned tokens is relatively small, ongoing efforts to reduce the circulating supply could positively impact SHIB’s long-term value.
Shiba-Inu once again makes an enigmatic announcement: ‘Something big is coming’
Shibarium has now processed over 7 million blocks. This shows that the Shiba Inu ecosystem is growing. The price of SHIB has risen by 14% in the last week. This is because there is less supply on the trading floors and the number of token burns has increased significantly. Lucie, our marketing manager at Shiba Inu, posted a message that the whole SHIB system could change significantly. We did some research and learnt that the Shiba team is working on several projects. These include SHIB Metaverse, Shib Marketplace, TREAT tokens and the three blockchains being built on Shibarium. In her post, Lucie said that the announcement could be about one of these projects or even a ‘whole new world’. The Shiba Inu community is beside itself with excitement. A mysterious message suggests that a groundbreaking project is in the works. ‘Something big is about to happen!’ they say. The rumour mill is buzzing. Will it be ShibMarketplace, Shibahub, Treat or a whole new world?
