As a seasoned crypto investor with a knack for spotting potential in emerging projects, I must say that Shibarium’s progress has been quite intriguing. Having closely followed the meme coin sector, I can attest to the impact of Shiba Inu‘s layer-2 solution on its ecosystem development. The burning of $1.5M worth of SHIB tokens and the introduction of low-cost transactions are steps in the right direction, making the token more accessible and practical for everyday use.
TL;DR
- Shibarium has burned $1.5M worth of SHIB and enabled low-cost transactions, boosting ecosystem development.
- Despite the protocol’s advancement, SHIB dropped 25% in two weeks amid an overall decline in the meme coin sector.
Shibarium’s Help
Last summer, the layer-2 scaling solution for Shiba Inu was launched. Although its primary objective is to nurture the growth of the entire Shiba Inu ecosystem, LUCIE, a key member of their team, has provided additional insights about it recently.
They asserted that Shibarium has significantly affected Shiba Inu by annihilating tokens valued at more than $1.5 million, thereby directly decreasing the circulating supply and increasing scarcity. This summer, the protocol chose to adopt the token-burning mechanism.
Lucie pointed out that the L2 blockchain solution facilitates affordable transactions, effectively making it possible to trade for just a few pennies. This increased accessibility and practicality for everyday use makes the meme coin more viable. Moreover, they stated that Shibarium has laid the groundwork for future applications like staking and governance systems, which could potentially bolster the ecosystem even further.
Above all, Shibarium has firmly established SHIB as a robust player in the crypto world. The credibility SHIB has earned, including recognition from Forbes, didn’t stem from social media buzz but rather from the hard work of a dedicated development team who created Shibarium and made significant strides for the ecosystem,” her statement implies.
SHIB Price Outlook
Shibarium, in just a brief span of time, has made remarkable strides. The data indicates that it has handled more than 675 million transactions, and the number of wallet addresses has surpassed the 2 million mark recently.
The ongoing progress of the protocol is often emphasized as a significant driver for a potential Shiba Inu surge. Nevertheless, this so-called Dogecoin rival has shown poor performance over the past fortnight, experiencing a drop of 25%.
The decline in its value aligns with the broader correction of the cryptocurrency market, which has also affected meme coins, leading to a significant sell-off. Notable assets that have experienced double-digit losses within the past 24 hours include Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), and Peanut the Squirrel (PNUT), among others.
If you’re intrigued to understand other factors that potentially caused SHIB’s decline over the recent days, feel free to check out our article right here.
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2024-12-19 19:38