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Shibarium daily transactions jumping by 64% over the week
SHIB’s supply on exchanges fell sharply, suggesting accumulation by holders
Shibarium, the secondary blockchain within the Shiba Inu (SHIB) community, unveiled an significant update to its user interface (UI). The enhancement aims to enhance the user experience and introduce more possibilities for engaging with the network.
Based on Shibarium’s announcement, the redesign aims to boost the network’s speed and improve wallet compatibility by welcoming heavyweights like MetaMask, Coinbase Wallet, and Trust Wallet on board.
Current state of Shibarium
Introduced in August 2023, Shibarium was a planned move by the Shiba Inu community to transcend its memecoin past. According to information from Shibarium Explorer obtained by AMBCrypto, there has been substantial excitement surrounding it, resulting in approximately 417 million transactions being processed.
Over the last week, there’s been a significant increase in activity on the network. Daily transactions have risen by an impressive 64%. Just recently, we reached a monthly high of 958,000 transactions within the past 7 days.
Assessing the impact on SHIB
Over the past week, the Shibarium platform has caused SHIB tokens to be destroyed with every transaction. As a result, there has been increased deflationary force within the Shibarium ecosystem, according to Shibburn’s data.
Despite the expectation that the supply shock would boost SHIB, the opposite occurred. Instead, the value of the second largest memecoin dropped by 17% during the week, based on data from CoinMarketCap.
Will Bitcoin’s halving help?
The upcoming Bitcoin halving might significantly impact Shiba Inu (SHIB). Although there’s no historical data to evaluate this, as SHIB wasn’t present during the previous halving, notable coins like Ethereum (ETH) and Dogecoin (DOGE) experienced substantial growth and reached new peaks within a year following the last halving event.
Read SHIB’s Price Prediction 2024-25
Large SHIB investors didn’t overlook this development as they continued to acquire more coins, a trend reflected in the rising SHIB holdings of top non-exchange accounts. The decline in SHIB supply on exchanges further reinforced this story.
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2024-04-20 03:03