Shiba Inu (SHIB) reaches another important milestone: Details

TL;DR

Shibarium has processed more than 7 million blocks, indicating the growth of the Shiba Inu ecosystem. The price of SHIB has increased by 14% weekly, supported by reduced supply on exchanges and a sharp increase in token burns. Making headlines again

Shiba Inu’s Layer 2 blockchain solution, Shibarium, took center stage today (September 25) due to hitting another major milestone. The data shows that the network has processed more than 7 million blocks, while the number of total transactions is close to 420 million.

L2 witnessed an increase in other essential metrics. New contracts rose from just two on September 23rd to September 16th the following day (a 700% increase). New verified contracts and new accounts have also seen a substantial increase.

Shibarium was officially launched in August 2023. It is specifically designed to reduce fees associated with transactions on the SHIB network, support decentralized application projects in the Shiba Inu ecosystem, and improve scalability. For more updates on the ecosystem, be sure to check out our Shibarium News.

According to some industry participants, its subsequent progress could play a vital role in a potential rebound in the prices of the meme currency. SHIB is well in the green, with its valuation rising 14% on a weekly basis and currently trading around $0.00001497. Its market cap is south of $9 billion, making it the 16th largest cryptocurrency.

SHIB price, source: CoinGecko Isn’t the rally near its end?

An important on-chain indicator that the price of SHIB could experience a further increase in the near future is the decrease in the amount of tokens on cryptocurrency exchanges.

According to CryptoQuant, the number fell to a seven-month low on September 25, with approximately 141 trillion coins on these platforms.

The development could be interpreted as a shift from centralized exchanges to self-custody methods and indicates a decrease in immediate selling pressure.

Another factor is Shiba Inu’s burn rate, which shot up more than 7,000% in the last 24 hours, resulting in nearly 8 million tokens sent to a null address.

The USD equivalent may be negligible, but continued efforts in this field can have a positive impact on the value of SHIB by reducing the circulating supply.

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