Shiba Inu: Shibarium Marks New Developments as SHIB Dips: Is There Hope for the Meme Coin?

Shiba Inu: Shibarium Records Historic 3 Million Daily Transactions

Since its launch, the meme cryptocurrency Shiba Inu has attracted attention. The Shibarium network has performed admirably since its relaunch, engaging with over 1.251 million wallets after the initial launch problems were resolved.

From the first week after the relaunch, when the protocol interacted with more than 1 million wallets, this number represents a considerable rise.

An Increase in Transactions: Indicates Growing Interest

The significant increase in transactions is one of the most notable aspects of Shiba Inu’s resurgence. At the time of writing, the network had logged over 3.048 million transactions, highlighting the growing interest in the Shiba Inu ecosystem.

Besides, this increase in transactions indicates the community’s rising trust and participation, highlighting the potential for the Shiba Inu network’s ongoing growth and expansion.

The Burn Figures

Shibburn’s most recent statistics show that over the past 24 hours, the network’s burn rate has decreased by 45%, with 12,284,652 SHIB being delivered to dead wallets. This decrease in burn rate is remarkable, especially given that Shibarium’s introduction has just passed. The data depicts a network undergoing changes, with different user involvement and token consumption levels.

Read Also: Shiba Inu: Shibarium Adds Over 36,000 Wallets Daily Since Launch – Impressive Growth in One Month 

Shibarium: A Mixed Bag

The network that powers Shiba Inu, Shibarium, has made public some significant statistics that shed light on the app’s functionality and user interaction. The statistics gathered from the Shibarium Scan are briefly summarized below:

The network has seen a significant activity, level with 2.846 million completed transactions, demonstrating a high level of interaction. Regarding block information, the average block time stands at 168.031 seconds, with a total of 828.145 thousand blocks processed. 

There have been 11 contract deployments today, contributing to a total of 474 verified contracts on the network. User engagement is notable, with a total of 26.076 thousand accounts, although the number of active accounts varies over time. 

Lastly, in terms of token metrics, there have been 161.224 thousand native coin transfers, and the network supports a total of 7.635 thousand tokens.

Price Dynamics: A Declining Trend

Shiba Inu’s pricing has been on a declining trend despite Shibarium’s significant accomplishments. The price reached $0.0000115 after an Ascending Triangle’s bullish breakout, hitting the breakout target. The bullish breakthrough point from earlier was $0.000008; however, it retraced and broke below it, putting the cryptocurrency at risk of a drop below $0.0000055.

Furthermore, a bearish, mixed-momentum trend is currently over all time horizons. The MACD Line is above the MACD Signal Line, indicating bullish momentum, but the RSI is below 45, showing negative momentum. The closest support area is located at $0.0000055, and the nearest resistance areas are located at $0.0000080 (prior support), $0.0000100, and $0.00001200.

A complex picture of the future of the cryptocurrency is painted by contrasting Shibarium’s robust operational statistics with the falling price of Shiba Inu. High transactional activity, a varied user base, and ongoing development of new contracts all point to a flourishing ecosystem with the potential for long-term growth and innovation on the network. These encouraging signs may trigger a future price hike, promoting optimism among investors and enthusiasts.

The present bearish trends and mixed momentum indicators indicate some doubt and caution. However, the varying transaction fees, gas costs, and active accounts indicate the Bitcoin market’s unpredictable and erratic nature.

Despite the challenges, a ray of hope for a possible price revival exists. This hope is apparent and sponsored by the potential and continuous advances within the Shiba Inu ecosystem.

Read Also: Shiba Inu: Shibarium Achieves 2M Transactions in Just 15 Days; Records 200k Daily Transactions.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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