Shiba Inu Frenzy: Shibarium Surpasses 800,000 Wallets, SHIB Slips 2% On The Sidelines
September 01 2023 - 5:30PM
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After overcoming initial setbacks, Shibarium, an Ethereum (ETH)
layer-2 (L2) network backed by Shiba Inu (SHIB) tokens, has
experienced a remarkable surge in metrics. With over 820,000 new
wallet addresses and more than 90,000 daily transactions, Shibarium
has demonstrated its appeal to users seeking faster, cheaper, and
more private off-chain transactions while leveraging the security
of the underlying Ethereum blockchain. Shibarium Emerges Strong
Shibarium operates as a layer-2 network built on the Ethereum
blockchain, aiming to enable faster, more cost-effective, and
privacy-focused off-chain transactions while leveraging Ethereum’s
security features. Related Reading: Bitcoin Freefall Alert:
On-Chain Metrics Expose Vulnerability, Targets $23,000 The recent
increase in Shibarium’s metrics carries significant implications
for the Shiba Inu project and its native token, SHIB.
Furthermore, the growing number of wallet addresses and daily
transactions within the network indicates an expanding user base
and increased interest in the SHIB token. On the same note, the
rapid growth of Shibarium’s user base demonstrates its potential to
enhance scalability and drive wider adoption of the Shiba Inu
project. By addressing Ethereum’s scalability limitations through
its layer-2 solution, Shibarium aims to improve the user experience
by enabling faster and more cost-efficient transactions. Shibarium
scan plays a crucial role in monitoring the network’s progress. The
platform’s data reveals surpassing 820,000 new wallet addresses,
indicating the growing community embracing Shibarium’s benefits. As
Shibarium’s metrics continue to show positive trends, it bodes well
for the future of the Shiba Inu ecosystem and the SHIB token. The
network’s ability to provide faster, cost-effective, and private
transactions will likely attract more users, driving adoption and
strengthening the ecosystem. Looking ahead, Shibarium is expected
to play a pivotal role in supporting the growth and scalability of
the Shiba Inu project. The recent surge in Shibarium’s metrics,
with over 820,000 wallet addresses and over 90,000 daily
transactions, marks a significant milestone for the Shiba Inu
ecosystem. As a layer-2 network built on Ethereum, Shibarium
focuses on enhancing transaction speed, reducing costs, and
prioritizing privacy. This achievement is significant for the Shiba
Inu project and the SHIB token, demonstrating the network’s
potential for scalability, broader adoption, and continued growth.
With Shibarium’s infrastructure in place, the Shiba Inu ecosystem
is well-positioned to thrive in the evolving landscape of
decentralized finance. Shiba Inu Faces Market Headwinds Despite
recent developments, the Shiba Inu ecosystem faces some challenges,
particularly its native token, SHIB, which has been affected by the
overall market trend. SHIB is trading at $0.00000783, reflecting a
2% decline over the past 24 hours. More notably, the token remains
significantly below its year-to-date price, experiencing a decline
of over 34%. Of particular concern for SHIB bulls is the key
support level at $0.00000762, which has been instrumental in
sustaining the token’s price since July and has allowed occasional
surges to $0.00001134. Related Reading: The Secret Victory: How
Bitcoin Flipped The Energy Consumption Narrative However, should
the market recover and resume its bullish trend, SHIB may encounter
a noteworthy obstacle in the form of its 50-day Moving Average
(represented by the brown line in the chart). This Moving Average
could substantially challenge the token’s upward trajectory.
Featured image from iStock, chart from TradingView.com
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