SHIB Supply Decreases on Exchanges
The supply of Shiba Inu (SHIB) on cryptocurrency exchanges has dropped from around 9% in June to 7.58% in December, indicating a positive outlook for its value. This decrease in SHIB tokens on exchanges suggests that more investors are choosing to hold their tokens in self-custody methods, which reduces immediate selling pressure and can be seen as a bullish move for the memecoin.
Shibarium’s Transaction Milestones
Shibarium, Shiba Inu’s layer-2 solution, has achieved significant transaction milestones. It has recorded nearly 100 million transactions and over 2 million total blocks since its launch. Shibarium aims to enhance Shiba Inu’s position as a leading memecoin by improving transaction speed and reducing fees.
Strong Community Engagement
Shiba Inu has gained recognition for having the most dedicated community among memecoins, surpassing popular coins like Dogecoin and Bonk Inu. The community’s engagement and support contribute to the memecoin’s popularity and potential growth.
Bullish News for Shiba Inu (SHIB)?
Shiba Inu, a popular memecoin that gained attention during the 2021 bull run, continues to attract investor interest. Recent data from blockchain analytics platform Santiment shows a decline in SHIB supply on exchanges, dropping to 7.58% on December 12 compared to nearly 9% in June.
This decrease in SHIB tokens on exchanges is considered a positive sign for the memecoin’s valuation as it reduces selling pressure. Conversely, an increase in SHIB supply on exchanges could indicate a potential price correction.
Shiba Inu’s Latest Achievements
Despite a recent price drop, Shiba Inu has achieved significant milestones. Its layer-2 blockchain solution, Shibarium, has been experiencing record daily transactions, with the total number of transactions reaching almost 100 million. Additionally, the total blocks on the network have surpassed 2 million.
Shibarium aims to enhance Shiba Inu’s position in the memecoin market by improving transaction speed and lowering fees. The memecoin has also gained attention for having the most devoted community among memecoins, according to social media analytics tool LunarCrush.
Hot Take: Shiba Inu’s Positive Outlook
With a decrease in SHIB supply on exchanges and significant achievements such as Shibarium’s transaction milestones and a dedicated community, Shiba Inu shows promising signs for its future valuation and growth. These factors contribute to a positive outlook for the memecoin, attracting investor interest and potentially leading to further success in the market.
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