Shibarium Hits Milestone While Shiba Inu (SHIB) Price Fades – Can the Network Finally Boost the Meme Coin?
Shiba Inu, a meme cryptocurrency, has been in the limelight since its inception. Following the successful resolution of initial launch issues, the Shibarium network has showcased commendable performance, interacting with over 1.251 million wallets since its relaunch.
This figure marks a significant increase from the initial week post-relaunch, where the protocol engaged with more than 1 million wallets.
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Surge in Transactions: A Sign of Growing Interest
One of the standout features of Shiba Inu’s revival is the substantial increase in transactions. The network has recorded over 3.048 million transactions at the time of writing, underscoring a burgeoning interest in the Shiba Inu ecosystem.
This surge in transactions is indicative of the growing trust and engagement within the community, highlighting the potential for further development and expansion of the Shiba Inu network.
The burn numbers
According to the latest statistics from Shibburn, the network has experienced a 45% decrease in the burn rate over the last 24 hours, with 12,284,652 SHIB being sent to dead wallets. This decline in burn rate is noteworthy, especially considering it comes on the heels of the launch of Shibarium. The data paints a picture of a network experiencing fluctuations, with varying levels of user engagement and token utilization
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Shibarium Stats: A Mixed Bag
Shibarium, the network underpinning Shiba Inu, has revealed several key statistics that provide insights into its performance and user engagement. Below is a concise summary of the statistics obtained from Shibarium Scan:
1. Transactional Activity:
- Completed Transactions: 2.846 million, indicating a high level of activity and interaction within the network.
2. Block Information:
- Average Block Time: 168.031 seconds.
- Total Blocks: 828.145 thousand.
3. Contract Deployments:
- Number of Deployed Contracts Today: 11.
- Total Verified Contracts: 474.
4. User Engagement:
- Total Accounts: 26.076 thousand.
- Active Accounts: The data shows variations in active account numbers, reflecting user engagement levels over different periods.
5. Token Metrics:
- Total Native Coin Transfers: 161.224 thousand.
- Total Tokens: 7.635 thousand.
Price Dynamics: A Downward Trend
Despite the notable achievements by Shibarium, the price of Shiba Inu has been on a downward trajectory. After a bullish breakout from an Ascending Triangle, the price reached $0.0000115, meeting the target for the breakout. However, it subsequently pulled back and broke below the $0.000008 support, the point of the prior bullish breakout, exposing the cryptocurrency to a potential downside risk back to $0.0000055.
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The current trend across all time horizons is bearish, with mixed momentum. The MACD Line is above the MACD Signal Line, indicating a bullish momentum, but the RSI is below 45, signaling bearish momentum. The nearest support zone is at $0.0000055, with resistance zones at $0.0000080 (previous support), $0.0000100, and $0.00001200.
The juxtaposition of Shibarium’s robust operational statistics and the declining price of Shiba Inu paints a multifaceted picture of the cryptocurrency’s future. The network’s high transactional activity, diverse user base, and continuous development of new contracts suggest a thriving ecosystem with the potential for sustained growth and innovation. These positive indicators could act as catalysts for a future price increase, fostering optimism among investors and enthusiasts.
However, the current bearish trends and mixed momentum indicators signal a degree of uncertainty and caution. The fluctuations in transaction fees, gas prices, and active accounts further underscore the volatile and unpredictable nature of the cryptocurrency market.
In conclusion, while the challenges are evident, the inherent potential and ongoing developments within the Shiba Inu ecosystem provide a glimmer of hope for a possible price resurgence.
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