Shiba Inu (SHIB) Achieves Major Milestone: Key Highlights

TL;DR

• Shibarium has surpassed 7 million blocks processed, indicating expansion in the Shiba Inu ecosystem.
• SHIB’s price has increased by 14% over the past week, fueled by a decrease in supply on exchanges and a significant rise in token burns.

Making the Headlines Again

Shiba Inu’s layer-2 blockchain solution – Shibarium – is in the spotlight today (September 25) following its achievement of another significant milestone. Statistics indicate that the network has completed over 7 million blocks, with total transactions nearing the 420 million threshold. 

The L2 also noted impressive growth in other crucial metrics. The number of new contracts soared from just two on September 23 to 16 the next day (a 700% increase). There has been a marked rise in new verified contracts and new accounts as well. 

Shibarium officially launched in August 2023. It aims to minimize transaction fees on the SHIB network, support decentralized application projects within the Shiba Inu ecosystem, and improve scalability. For the latest updates on the ecosystem, be sure to visit our Shibarium news.

Industry experts suggest that the ongoing development could significantly impact a potential price surge for the meme coin. SHIB has shown strong performance, with its price climbing 14% over the past week and currently trading around $0.00001497. Its market cap is just under $9 billion, positioning it as the 16th-largest cryptocurrency.

The Rally is Nowhere Near Its End?

A key on-chain metric suggests that SHIB’s price might see another uplift in the near term due to the diminishing supply of tokens on cryptocurrency exchanges.

As reported by CryptoQuant, this metric dropped to a seven-month low on September 25, with around 141 trillion coins remaining on such platforms. 

This trend may suggest a movement away from centralized exchanges towards self-custody options, indicating less immediate selling pressure.

In addition, the Shiba Inu burn rate has surged by over 7,000% in the last 24 hours, leading to nearly 8 million tokens being sent to a null address.

Although the USD equivalent may be modest, ongoing efforts in this area could positively affect SHIB’s value by lowering the circulating supply.