Shiba Inu Struggles Amid Milestone Achievements
Shiba Inu (SHIB) is on the cusp of hitting 5 million blocks on its Shibarium layer-2 network, marking a significant milestone for the ecosystem. Despite this achievement, the price of SHIB has been stagnant, causing concerns among the SHIB community members. Let’s delve into the latest developments surrounding Shiba Inu and explore the factors influencing its price action.
The Approach of the 5 Million Blocks Milestone
Data sourced from Shibariumscan indicates that the total number of blocks on the Shibarium network is rapidly approaching 5 million, currently standing at over 4.9 million blocks. These blocks store records of all transactions processed within the network, showcasing the extensive growth and development of Shibarium.
- The impending milestone of 5 million blocks signifies the robustness and maturity of the Shibarium network.
- The accumulation of transactional data within these blocks highlights the network’s capability to handle a significant volume of transactions efficiently.
However, despite the remarkable progress of Shibarium, the price of Shiba Inu has failed to exhibit a positive response to this development. The meme coin is currently experiencing a downward trajectory, influenced by various on-chain metrics that paint a bearish outlook for SHIB.
Price Dynamics and On-Chain Metrics
Shiba Inu’s price performance has been lackluster, with indications of a bearish sentiment prevailing in the market. The trading volume of SHIB has declined by over 20% in the last 24 hours, reflective of waning investor interest in the meme coin. Additionally, SHIB’s burn rate has decreased by 26% over the past week, a significant shift considering the historical impact of token burns on price surges.
- The diminishing burn rate of Shiba Inu can be attributed to a decline in daily transactions within the Shibarium network.
- A reduction in daily transactions coupled with a drop in total value locked (TVL) on Shibarium signifies a dip in investor confidence in the Shiba Inu ecosystem.
Furthermore, Shiba Inu’s daily transactions on the layer-2 network have dwindled, showcasing a consistent downtrend. The current TVL on Shibarium stands at $2.2 million, a sharp decline from its peak earlier this year, indicating a shift in investor sentiment towards the project.
Bullish Insights from On-Chain Data
Despite the prevailing price decline, certain on-chain metrics present a bullish outlook for Shiba Inu, suggesting that the recent setback may be a healthy correction. Noteworthy data from IntoTheBlock reveals a substantial increase in Net Network Growth for SHIB, signaling growing adoption and interest in the meme coin.
- The surge in Net Network Growth indicates a rise in user adoption and engagement with Shiba Inu, highlighting its expanding user base.
- Large transactions by Shiba Inu whales have seen a noticeable uptick, underscoring strong support from significant investors in the ecosystem.
Moreover, Shiba Inu’s fundamentals remain robust, with lead developer Shytoshi Kusama hinting at potential initiatives such as a Shiba Inu Spot ETF. Coinbase’s recent announcement regarding the addition of Shiba Inu perpetual futures on its platform further reinforces the positive sentiment surrounding the meme coin.
Despite these positive developments, SHIB’s current price hovers around $0.00002444, reflecting a downward trend in the last 24 hours as per CoinMarketCap data.
Hot Take: Navigating Shiba Inu’s Volatile Landscape
As Shiba Inu approaches a significant milestone with its Shibarium network, investors are closely monitoring the price dynamics and on-chain metrics to gauge the future trajectory of the meme coin. While challenges persist, bullish indicators from on-chain data and fundamental developments suggest that Shiba Inu may navigate through its current volatility to emerge stronger in the long run.
By
By
By
By
