Shiba Inu Sees Surge in Verified Contracts on Shibarium Network
The recently launched Shibarium network is experiencing a significant rise in the number of new verified contracts, indicating a potential rally for Shiba Inu. On Monday, the total number of new verified contracts on the network increased by 530%, reaching a top 5 highest day for new contracts. The following day, although there was a decline, the numbers remained higher than Sunday’s figures, with a 300% increase. As a result, the total number of verified contracts reached an all-time high of 430.
Other Metrics and Challenges for Shibarium
In addition to the surge in verified contracts, other metrics such as total accounts and completed transactions have also shown growth. However, active accounts on Shibarium have been declining. Despite this, the rise in new verified contracts could lead to higher demand and prices for Shiba Inu as it plays a significant role in the Shibarium ecosystem as its governance token.
Potential Implications and Market Outlook
An increase in new verified contracts indicates that more developers are choosing to build on the network, which can attract more users and generate more demand. However, Shibarium is currently facing challenges such as low transaction numbers and a decrease in Total Value Locked (TVL), suggesting waning interest. Nevertheless, if the crypto market were to enter another bull rally, the current bearish trend for Shiba Inu could potentially be reversed.
Hot Take: Shiba Inu’s Rally Potential
While Shibarium’s growing number of verified contracts suggests positive prospects for Shiba Inu’s price, other challenges like declining TVL and transaction numbers should not be overlooked. It remains to be seen whether the surge in developer activity on the network will translate into sustained demand and price appreciation. Additionally, the overall market conditions and investor sentiment will play a crucial role in determining Shiba Inu’s rally potential.
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