Is SHIB Price Ready for a New Rally?

TL;DR

The Shiba Inu Shibarium achieved a new goal, indicating strong user engagement. SHIB rose 4% to $0.00002305, with increased token burns and reduced exchange entries pointing to another bomb. Shibarium keeps moving forward

Shiba Inu’s Layer 2 blockchain solution, Shibarium, took center stage on Christmas Day, passing another major milestone. The data shows that the total number of transactions processed with the protocol exceeded 700 million.

This can be seen as a serious achievement, considering the fact that Shibarium officially saw the light of day last summer. Since then, it has seen some major developments, including the release of a new user interface (UI) update that improves compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Soon after, the team introduced an update via a hard fork to empower the developer and innovator community and implement faster block processing times. It also adopted a recording mechanism, which is slightly different from the original program but serves the same purpose.

Shibarium’s ultimate goal is to foster the development of the Shiba Inu ecosystem by reducing transaction costs, improving speed, and improving scalability. As such, some market watchers believe that its further progress could be a vital factor in fueling a rise in the price of the meme coin.

How is SHIB?

It is worth mentioning that Shibarium’s latest achievement coincides with SHIB’s price resurgence. It is currently trading at around $0.00002305, which is up 4% on a daily basis.

SHIB Price, Source: CoinGecko

Other elements that suggest that Shiba Inu have not yet experienced a substantial rebound are the cremation program and the net flow of SHIB exchange.

The burn rate has increased by 50% in the last 24 hours, resulting in over 7 million tokens destroyed. Converted to US dollars, the hoard is negligible, but continued efforts in the field will reduce the circulating supply of the meme currency, making it scarcer and possibly more valuable (assuming demand doesn’t head south) .

Meanwhile, SHIB exchange net flow has been predominantly negative over the past week (according to CryptoQuant data), with outflows exceeding inflows on most days. This indicates a shift from centralized platforms to self-custody methods and could be considered bullish as it lessens immediate selling pressure.

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