On September 25, Shiba Inu's layer-2 blockchain solution, Shibarium, made headlines by achieving significant milestones. The network has processed over 7 million blocks, with total transactions nearing the 420 million mark. This impressive growth highlights Shibarium's increasing adoption and effectiveness within the Shiba Inu ecosystem.
In addition to the transaction metrics, Shibarium experienced a remarkable surge in new contracts, jumping from just two on September 23 to 16 the next day—a staggering 700% increase. New verified contracts and accounts also saw substantial growth, indicating a robust interest in decentralized applications on the platform. Launched in August 2023, Shibarium aims to lower transaction fees, enhance scalability, and support various projects within the Shiba Inu ecosystem.
As the ecosystem evolves, many believe that Shibarium's advancements could trigger a price rally for the SHIB token. Currently trading at approximately $0.00001497, SHIB has increased by 14% over the past week, with a market capitalization nearing $9 billion, making it the 16th largest cryptocurrency.
One key indicator suggesting further price potential for SHIB is the decreasing amount of tokens held on cryptocurrency exchanges. According to CryptoQuant, the total has fallen to a seven-month low, with around 141 trillion coins on these platforms. This trend points toward a shift from centralized exchanges to self-custody methods, reducing immediate selling pressure.
Additionally, the Shiba Inu burn rate skyrocketed by over 7,000% in the last 24 hours, resulting in nearly 8 million tokens sent to a null address. Although the USD value of these burns may seem minimal, ongoing efforts to decrease the circulating supply can positively impact SHIB's valuation over time.
As Shibarium continues to grow and the Shiba Inu community remains active in reducing supply, the prospects for SHIB’s price appear promising, indicating that the rally may be just beginning.
September 2024, Cryptoniteuae