As a seasoned crypto investor with a keen interest in Shiba Inu (SHIB), I’m thrilled to see the recent developments surrounding this meme coin. The surge in daily transactions on Shiba Inu’s layer-2 blockchain solution, Shibarium, is an impressive feat that indicates growing adoption and usage of the network. Although we’re still far from the peak activity seen in mid-April, the fact that transaction numbers have more than doubled overnight is noteworthy.
TL;DR
- Shiba Inu’s layer-2 blockchain solution, Shibarium, saw daily transactions surge by 193%, although still below its peak activity from mid-April.
A 4,000% increase in SHIB’s burn rate and positive analyst predictions hint at the potential for further price gains of 20-50%.
The Latest Spike
As a crypto investor, I’ve been closely monitoring Shiba Inu’s progress with their layer-2 scaling solution, Shibarium. To my excitement, transaction activity on the network has seen significant growth recently. Based on the data I’ve analyzed, daily transactions have surged to nearly 18,000 – representing a remarkable 193% increase compared to the numbers just the day prior.
As a crypto investor, I can tell you that the metric’s performance is quite disappointing compared to its impressive past. Specifically, it hasn’t reached the heights it once did in mid-April. During that period, the number of daily transactions surpassed the million mark.
Introduced in the summer of 2023, Shibarium aspires to bolster the growth of the meme coin by amplifying scalability, reducing transaction costs, and increasing speed. It has surpassed various landmarks in recent months, with its ongoing advancement serving as a positive indicator for the value of Shiba Inu.
The asset has recently moved into the green zone, experiencing a daily increase of 9% and a significant gain of 18% over the past month. For those eager to explore Shibarium further, please refer to the informative video we’ve prepared for you below.
Additional Bullish Elements
Shiba Inu’s burn rate increase can also contribute to a SHIB rally. The metric recently exploded by 4,000%, destroying millions of tokens.
The mechanism aims to decrease significantly the large amount of circulation of the token in the market, making it less abundant and possibly increasing its worth over time.
As a financial analyst, I’ve noticed a prevailing optimistic outlook among users on Crypto X regarding Shiba Inu (SHIB) and its potential price movements. For instance, the well-known analyst Ali Martinez recently expressed his belief that SHIB’s price could surge by 20% if it managed to surpass “the upper boundary of this descending parallel channel at $0.00002444.” Intriguingly, SHIB has already exceeded this level during the recent market recovery and currently trades at around $0.0000248.
If SHIB manages to shatter the falling wedge formation on its 1-day chart, Dami-Defi anticipates a potential 50% price hike.
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2024-05-16 20:34