Shiba Inu has been growing impressively with its Layer-2 scaling solution. With Shibarium having achieved a milestone of 2 million wallets, the price for the Shiba Inu SHIB token is witnessing an upward trend, along with the growth of the ecosystem.
Shiba Inu’s Layer-2 blockchain, Shibarium, has reached an important milestone of over 2 million unique wallet addresses. This milestone comes after 16 months of steady growth and hints at the growing adoption of the Shiba Inu ecosystem. Of course, the SHIB token has also recently increased in price, which is linked to strong burn activity; this could be a sign of growing potential.
Shibarium Reaches Major Milestone With 2 Million Wallets
Shibarium is a scaling solution that was developed for the enhancement of the Shiba Inu ecosystem. It has recently reached a remarkable milestone in surpassing 2 million unique wallets. According to Shibariumscan, the latest report indicates that the platform now hosts 2,004,610 wallets. This is the other milestone in its 16 months since launch, with considerable user adoption growth and development in unique participants.
The Shibarium network also presents high transaction volume by having a total number of transactions at 627.96 million along with a very impressive average block time of just 5 seconds. The scalability of the network is one of the strongest features, as it is quite smooth to deal with millions of transactions, thereby making it worth something in itself as an Ethereum-based Layer-2 solution.
Apart from its technical performance, Shibarium’s growth has been supported by key innovations and partnerships within its ecosystem, like the introduction of the fhEVM Coprocessor by Zama. Soon to be launched, this breakthrough technology will further enhance Shibarium’s capabilities, thereby making it even more appealing to both users and developers.
SHIB Price Surge Driven by Burns and Shibarium Growth
The positive development in the Shiba Inu ecosystem can be seen in the price of Shiba Inu. Through the weekend, the SHIB prices jumped more than 5% to get a price of $0.00003329. Burning activities are some of the reasons seen behind the rise in SHIBs’ price, together with the increasing success of Shibarium. Just through one week, over 3 billion SHIB tokens were burned. This implies that the circulating supply of the token decreases, which in turn creates upward pressure on the price of the token.
The SHIB token enjoys the fruits of increased demand and market awareness since Shibarium continues to attract more users and register more transactions.
This upward momentum in SHIB has helped it increasingly break the price psychological barriers, and hence cross the $0.00003 level.
Short-term Setbacks for SHIB Price
Despite the new price rise, SHIB is still experiencing some short-term rejections. Currently, SHIB has dropped more than 7% to $0.0000298. This pull reduced its weekly gains to a few percentages, leaving SHIB at a 4% increase for the week. The token still has an upward trend and presents itself with a strong potential gain of 55% during the last 30 days.
The recent decline in the price of SHIB is largely due to the derivatives market. Here, the open interest has declined by 9.61% and stands at $163.61 million, indicating a weakening of the immediate short-term bullish sentiment. There is also a long liquidation amounting to $2.32 million that might be pulling down the price further.
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Conclusion: Shiba Inu’s ecosystem, especially Shibarium is growing steadily at more than 2 million wallets with millions of transactions. The above growth along with technology improvement and burn activity would propel SHIB’s prices even higher in the coming days.
Although short-term price changes make it difficult to project results, analysts are optimistic about the future of SHIB. With an upward trend and being held above the $0.00003 point, Shiba Inu has the potential to experience greater rallies. With ongoing improvements in Shibarium’s scalability and subsequent innovations, SHIB has a lot going on as well.
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