In the dynamic world of cryptocurrencies, where trends can shift as quickly as the wind, Shiba Inu has emerged as a formidable player, defying market volatility and setting new records. This canine-themed cryptocurrency has not only held its ground but has also achieved remarkable milestones, including an impressive surge in adoption rates and the introduction of the innovative Shibarium blockchain.
Meanwhile, Shibarium is making waves in the world of cryptocurrency, and its journey is marked by impressive utility milestones. As the number of total transactions continues to rise, Shibarium is on the brink of reaching a significant milestone, demonstrating its potential to drive growth and innovation within the Shiba Inu ecosystem.
Shiba Inu&'s Resilience
Shiba Inu has faced its share of ups and downs since its inception, but what sets it apart is its ability to adapt and grow even in challenging market conditions. One of the most notable metrics reflecting its resilience is the total number of addresses, which has been steadily on the rise. According to IntoTheBlock data, Shiba Inu&'s total addresses have experienced a consistent upward trajectory, reaching a staggering 3.59 million. This impressive growth demonstrates the unwavering interest and commitment of its community members.
Surging Adoption Rates
The Shiba Inu community has witnessed a surge in adoption rates, with the metric reaching 39.14% on Monday, as reported by IntoTheBlock. This spike in adoption highlights the increasing influx of new participants into the Shiba Inu ecosystem. It is clear that Shiba Inu&'s unique concept and offerings are resonating with a broader audience, driving fresh interest and investment into the project.
The Shibarium Innovation
One of the key factors fueling Shiba Inu&'s recent success is the introduction of Shibarium, a groundbreaking blockchain that has been gaining significant traction since its initial launch in August of this year. Shibarium represents a new era for Shiba Inu, providing enhanced functionality, scalability, and utility for its users.
Shibarium&'s rapid ascent is evident in its impressive milestones. Currently, Shibarium is fast approaching the three million total transactions mark, showcasing its increasing utility and demand within the ecosystem. With a total of 2,910,761 transactions, 1,246,666 wallet addresses, and 712,492 total blocks, Shibarium&'s growth is undeniable.
Shibarium has had a profound impact on the Shiba Inu ecosystem in several ways:
Enhanced Transaction Speed
The blockchain&'s increased capacity allows for faster and more efficient transactions, reducing congestion and ensuring a smoother user experience.
Shibarium leverages advanced security features to protect user assets, instilling confidence in the platform&'s reliability.
The introduction of Shibarium has opened up exciting opportunities for decentralized finance (DeFi) projects and applications within the Shiba Inu ecosystem, providing users with more ways to interact with their tokens.
Shibarium&'s launch has revitalized community engagement, fostering a sense of excitement and innovation within the Shiba Inu community.
Approaching Three Million Transactions
Shibarium is currently on the cusp of a major achievement, with its total transactions nearing the three million mark, standing at over 2.9 million at press time. This remarkable progress indicates the network&'s increasing relevance and adoption among users. With less than 100,000 transactions needed to reach this milestone, the trend in Shiba Inu&'s daily transactions suggests that Shibarium might achieve this feat in a matter of days.
Recent Transaction Trends
While Shibarium experienced a period of stability with nearly 200,000 daily transactions, it recently witnessed a sharp decline, recording only 40,500 transactions on the previous day. This fluctuation highlights the dynamic nature of the cryptocurrency market, where transaction volumes can vary significantly in response to various factors.
Optimizing Network Utilization
Shibarium&'s network utilization is currently at 3.86%, suggesting that there is room for increased utilization of the platform. Since its launch, Shibarium has undergone adjustments to its parameters and witnessed a scaling of operations by over 1,500%. These updates have enhanced Shibarium&'s resilience and capacity to handle a higher workload without compromising performance.
Shibarium&'s Role in SHIB Burns
A notable development in the Shiba Inu ecosystem is Shibarium&'s contribution to the burning of SHIB tokens. In response to the frequently asked question of when Shibarium will initiate SHIB burns, a Shiba Inu team member named Lucie emphasized the importance of Shibarium&'s adoption. Lucie clarified that SHIB burns occur on a per-transaction basis, and for these burns to take place, Shibarium must be actively used.
Lucie emphasized that the level of utility Shibarium attains directly impacts the extent of SHIB token burning. Furthermore, Lucie pointed out that Shiba Inu burns are primarily the result of community efforts rather than the sole responsibility of SHIB developers.
The price of the native token of the Shiba Inu ecosystem, SHIB, had steadily risen over the past week. According to data from the cryptocurrency price tracking website, CoinStats, the meme coin’s price was up 2.66% during the last 7 days. This positive trend continued throughout the previous day of trading as well, as SHIB was able to achieve a 24-hour gain of 1.08%. Subsequently, the altcoin was changing hands at $0.00000739 at press time.
Price chart for SHIB (Source: CoinStats)
The meme coin was able to reach a daily high of $0.00000744, while its 24-hour low was situated at $0.00000728. Despite pulling back slightly, SHIB’s value was still closer to its 24-hour high. Furthermore, the cryptocurrency also gained 0.2% against Bitcoin (BTC).
Notably, the rest of the meme coin market seemed to have followed a similar trend to that of SHIB over the past week. Data from CoinStats indicated that the collective capitalization of the meme coin market increased 2.44% during the last 7 days. This positive momentum continued through the course of the previous 24 hours as well, as the market’s valuation rose another 0.3% during this period.
Daily chart for SHIB/USDT (Source: TradingView)
From a technical standpoint, SHIB’s price printed a higher low on Monday, resulting in the formation of a positive trend line on the altcoin’s daily chart. Subsequently, SHIB’s price may continue to rise in the upcoming couple of days provided it is able to close today’s daily candle above the 9-day EMA line, which was situated at $0.00000736 at press time.
Should SHIB succeed in closing today’s trading session above this technical indicator, then it will most likely overcome the 20-day EMA line as well within the following 48 hours. Thereafter, the meme coin’s price may have the support needed to gradually rise to the next threshold at $0.00000845 in the subsequent week. In an extreme bullish scenario, enough buy pressure could propel SHIB to $0.00000928 within the coming 2 weeks.
This bullish thesis will, however, be invalidated if the altcoin’s price drops below the recently-formed trend line on SHIB’s daily chart. In this scenario, the altcoin may be at risk of retesting the immediate support level at $0.00000700. Overwhelming sell volume may even force SHIB below this significant price point to as low as $0.00000633 in the following couple of days.
A bullish scenario is more likely to play out, however, given the fact that a noteworthy bullish technical flag was triggered in the past week. During this time, the daily Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line. This signaled that buyers have gained a slight upper hand on SHIB’s charts. Although this a positive sign that SHIB’s bearish trend has started undergoing a reversal process, risk-averse investors and traders may want to wait for the 9-day EMA line to cross above the 20-day EMA line before confidently entering into a long position in the popular meme coin.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.