As a seasoned crypto investor with a penchant for meme coins and a soft spot for dogs (especially Shiba Inus), I find myself torn between excitement and caution when observing the current price action of SHIB. On one hand, the token’s bullish trend aligns with the general market uptrend fueled by Bitcoin, which is always a good sign. On the other hand, the drop in daily transactions on Shibarium has me slightly concerned.
The recent price movement of Shiba Inu (SHIB) at $0.00001875 deviates from the anticipated trends suggested by Shibarium. However, in contrast to this discrepancy, Shiba Inu has experienced a 3.04% growth over the past 24 hours, resulting in its current market value of approximately $11.05 billion, ranking it as the twelfth-largest digital currency by market capitalization.
As a crypto investor, I’ve noticed an impressive 33.39% spike in Shiba Inu’s trading volume over the same timeframe, reaching a staggering $726.79 million. This surge indicates that investors remain optimistic about the coin’s future prospects, with continued interest being shown. The bullish momentum of SHIB aligns perfectly with the broader market uptrend driven by Bitcoin. Currently, BTC is trading at $72,549, exhibiting a 2.0% daily volatility and boasting a market cap of $1.43 trillion, with a 24-hour volume of $54.60 billion.
Daily Transactions on Shibarium Drops
Despite the ongoing positive trend, data from Shibarium Scan reveals that daily transactions on its Layer-2 scaling blockchain have unexpectedly decreased to approximately 879,780. Earlier, an unusual dip was observed with only 6,540 active transactions. Interestingly, this indicator related to the Shiba Inu coin peaked at a staggering 4.67 million transactions just over the past weekend.
As an analyst, I find myself pondering over some doubts that have surfaced regarding the weekend’s data. The unexpected surge in more than 6,000 transactions, occurring alongside the conclusion of several multimillion-dollar transactions within the Shibarium network, has left many perplexed. In the midst of this onchain trend, there’s been a staggering 2,000% increase in the average amount of BONE spent on gas fees per transaction. This sudden spike has raised eyebrows and sparked further investigation.
One possible explanation for the ups and downs in Shibarium could be instability in the data provided by the Shibariumscan Explorer itself, which can sometimes vary due to the presence of a counterparty. It’s important to note that the data from the Shibariumscan Explorer is sourced from Blockscout. Another possible cause for a surge in Shibarium could be an issue with the platform itself.
Currently, there are approximately 440 million transactions on Shiba Inu’s Shibarium platform, with a total of over 7.6 million blocks and an average block time of 5 seconds. Additionally, the L2 scaling solution has about 1.87 million unique wallet addresses associated with it.
Shiba Inu Introduces Shiboshis NFTs on Shibarium
Recently, Shiba Inu’s marketing lead, LUCIE, disclosed a new initiative: introducing Shiboshis as Non-fungible Tokens (NFTs) on the Shibarium blockchain. These distinctive Shiboshis are Ethereum-backed NFTs within the Shiba Inu community. LUCIE highlighted that this update will encompass increased functionality, special events, incentives, and future growth opportunities.
Beyond the recent update announcement, an exec from Shiba Inu disclosed their plan to lower transaction costs on the Shibarium blockchain. This move could significantly enhance the network’s performance, as high gas fees have been a significant issue for users. If this strategy works out, transactions with SHIB will become more affordable and user-friendly.
Currently, Shiboshi owners are exchanging ideas on methods to lower expenses down to just $2 during continuous bridge-building activities. Over time, the momentum generated by these advancements and future updates within the Shiba Inu universe could potentially lead to further increases in the token’s value.
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2024-10-30 13:22