As a seasoned analyst with extensive experience in the crypto market, I have closely monitored Shiba Inu (SHIB) and its related metrics over the years. The recent price fluctuations of SHIB, along with certain indicators, have piqued my interest.
TL;DR
- Shiba Inu (SHIB) has been consolidating as of late, with whale activity dropping by 60% and Shibarium underperforming.
On the other hand, the SHIB burn rate has increased by over 500%, resulting in more than 10 million assets sent to a null address.
These Indicators Head South
Several popular meme coins such as Dogecoin (DOGE) and Dogelon Mars (WIF) have experienced notable price surges recently. Shiba Inu (SHIB) is likewise advancing, though its growth has been more modest, with a daily increase of about 0.5% and a current value of around $0.00001787 according to CoinGecko’s figures.
It’s intriguing that the modest achievements of SHIB have occurred concurrently with significant drops in certain key metrics within the past 24 hours. The accumulated daily volume, which includes transactions valued over $100,000 each, now hovers around $10 million. This represents a substantial decrease of approximately 60% compared to the level recorded on July 21st.
Shibarium, the layer-2 blockchain solution from Shiba Inu, has experienced a setback based on some key performance indicators. There has been a significant decrease in the number of active accounts on the protocol, which dropped from 667 on July 21 to just 107 currently. Additionally, the total number of daily transactions has seen a dramatic decline by approximately 85%.
Last August, Shibarium officially launched with the goal of nurturing the Shiba Inu ecosystem. Key objectives include reducing transaction fees, boosting capacity, and increasing processing speed.
In the past few months, the L2 scaling solution underwent two significant enhancements. One of these improvements involved introducing a new user interface (UI) version. The primary objective of this upgrade was to ensure compatibility with widely used self-custody wallets, such as Coinbase Wallet, MetaMask, and Trust Wallet. For more information on these updates, please refer to our Shibarium news section.
The Bright Side
It’s important to note that not all metrics associated with Shiba Inu have declined in the past 24 hours. In fact, the SHIB burn rate has seen a significant surge, over 500%, leading to the destruction of approximately 10 million tokens.
Although the US dollar value of the cache may seem small, persistent efforts in this area could significantly boost its worth.
As someone who has closely followed the cryptocurrency market for several years now, I can tell you that one intriguing aspect of certain coins, like SHIB, is their supply mechanism and how it can impact price dynamics. From what I’ve observed, the burning mechanism of a meme coin such as SHIB aims to decrease its total supply, which in theory could lead to scarcity. This scarcity, assuming demand remains steady or even increases, could potentially trigger a price rally.
Read More
- ACT PREDICTION. ACT cryptocurrency
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- W PREDICTION. W cryptocurrency
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- How to Handle Smurfs in Valorant: A Guide from the Community
- PENDLE PREDICTION. PENDLE cryptocurrency
- Is Granblue Fantasy’s Online Multiplayer Mode Actually Dead? Unpacking the Community Sentiment
2024-07-22 16:44