Making the Headlines Again
Shiba Inu’s layer-2 blockchain solution, Shibarium, took center stage today (September 25) due to reaching yet another important target. Data shows that the network has processed over 7 million blocks, whereas the number of total transactions is inching toward the 420 million mark.
Key Highlights
- Shibarium has processed over 7 million blocks, signaling growth in the Shiba Inu ecosystem.
- SHIB’s price has risen 14% weekly, supported by reduced supply on exchanges and a sharp increase in token burns.
Shibarium’s Progress
Shibarium officially saw the light of day in August 2023. It is specifically designed to reduce the fees associated with transactions on the SHIB network, support decentralized applications projects in the Shiba Inu ecosystem, and enhance scalability.
The L2 witnessed the rise of other essential metrics. New contracts spiked from only two on September 23 to 16 the following day (a 700% increase). New verified contracts and new accounts have also recorded a substantial surge.
The Rally is Nowhere Near Its End?
One important on-chain indicator signaling that SHIB’s price could experience a further uptick in the near future is the decreasing amount of tokens on cryptocurrency exchanges.
According to CryptoQuant, the figure fell to a seven-month low on September 25, with approximately 141 trillion coins held on such platforms.
The development could be interpreted as a shift from centralized exchanges toward self-custody methods and indicates diminished immediate selling pressure.
Conclusion
Shibarium’s progress and SHIB’s price rally indicate a promising future for the Shiba Inu ecosystem. The decreasing amount of tokens on exchanges and the sharp increase in token burns suggest that the rally may not be over yet.
FAQs
Q: What is Shibarium?
A: Shibarium is a layer-2 blockchain solution designed to reduce the fees associated with transactions on the SHIB network, support decentralized applications projects in the Shiba Inu ecosystem, and enhance scalability.
Q: Why is Shibarium important for the Shiba Inu ecosystem?
A: Shibarium is important for the Shiba Inu ecosystem because it enables faster and cheaper transactions, which can increase adoption and usage of the SHIB network.
Q: What is the current state of Shibarium?
A: Shibarium has processed over 7 million blocks, and the number of total transactions is inching toward the 420 million mark.
Q: What is the current price of SHIB?
A: SHIB is currently trading at around $0.00001497, with a market capitalization of just south of $9 billion, making it the 16th-biggest cryptocurrency.
Q: What is the significance of the decreasing amount of tokens on exchanges?
A: The decreasing amount of tokens on exchanges indicates a shift from centralized exchanges toward self-custody methods and suggests diminished immediate selling pressure, which can contribute to a further uptick in SHIB’s price.
Q: What is the significance of the sharp increase in token burns?
A: The sharp increase in token burns results in a reduction of the circulating supply, which can have a positive impact on SHIB’s value by reducing the supply of tokens available for trading.
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