As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen countless projects come and go, but Shiba Inu has consistently managed to surprise me. The latest achievement by Shibarium, their layer-2 blockchain solution, is yet another testament to their relentless pursuit of innovation and growth.
TL;DR
- Shiba Inu’s Shibarium hit a fresh target, signaling strong user engagement.
- SHIB climbed by 4% to $0.00002305, with increased token burns and reduced exchange inflows signaling a further pump.
Shibarium Keeps Advancing
On Christmas Day, Shiba Inu’s layer-2 blockchain solution, Shibarium, shone brightly as it surpassed another significant achievement. It appears that the total transactions processed on this protocol reached an impressive figure of over 700 million.
Given its debut last summer, the emergence of Shibarium can be considered as a significant milestone. Over the past few months, it has experienced several notable advancements, one of which includes the release of an updated user interface (UI) that enhances its compatibility with popular wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
Immediately following this, the team rolled out an update using a hard fork, enhancing the community of developers and pioneers by expediting block processing times. Additionally, they incorporated a destruction mechanism, which although slightly distinct from the initial design, serves the same objective.
Shibarium aspires to nurture growth within the Shiba Inu universe by minimizing transaction fees, boosting speed, and amplifying scalability. This could potentially be a significant catalyst driving up the value of this popular meme coin.
How’s SHIB Doing?
Noteworthy is the fact that Shibarium’s recent accomplishment aligns with a spike in SHIB’s value. At the moment, it is trading approximately at $0.00002305, marking a 4% increase on a daily basis.
Another indicator pointing towards Shiba Inu not yet witnessing a significant surge could be the ongoing burn mechanism and the net flow of exchanges involving SHIB.
The rate at which tokens are being burned has nearly doubled over the last 24 hours, leading to over 7 million tokens being destroyed. While this amount is minimal when converted to US dollars, ongoing efforts aim to decrease the number of circulating meme coins, making them increasingly rare and potentially more valuable (provided demand doesn’t decline).
The Shiba Inu exchange netflow, as indicated by CryptoQuant’s data, has primarily shown negative values over the past week, with outflows exceeding inflows on many days. This suggests a trend toward self-custody and could be interpreted as bullish because it reduces immediate selling pressure, potentially indicating a shift away from centralized platforms.
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2024-12-25 11:27