Shibarium, a blockchain network, has recently crossed an impressive milestone of over 1,078,000 completed transactions.
Crossing the 1 million transaction mark is a significant milestone for any blockchain network, but it’s particularly noteworthy for Shibarium given that the network has only been live for a few weeks. This rapid accumulation of transactions indicates a high level of user engagement and adoption, which are key metrics for the success of any decentralized network.
The average block time of approximately 276 seconds suggests that the network is capable of handling a substantial volume of transactions in a relatively short period. This is crucial for scalability and for attracting more users and developers to the platform.
The diversity of activity on the network is also a positive sign; with 24,116 total accounts, 1.119 million total addresses, and 9,254 total contracts, Shibarium is showing that it’s not a one-trick pony. It’s fostering an ecosystem that supports various types of transactions, from simple coin transfers to complex smart contracts.
Moreover, the network has processed a total of 504,397 blocks, indicating a stable and secure blockchain. The 34 contracts deployed today and the 6 verified contracts today alone show that developers are actively contributing to the ecosystem. The total native coin transfers standing at 73,564 and the support for 7,153 total tokens indicate a diverse and growing financial ecosystem within Shibarium.
Price and Momentum Discrepancies
Despite Shibarium’s growth, the SHIB token hasn’t kept pace. The token’s price has dropped by 17% in the last month.
The momentum is bearish, with the MACD line below the MACD Signal Line and an RSI below 45. This divergence between network growth and token price could be a concern for investors and traders alike.
Shiba Inu’s price is currently at a critical juncture. The Global In/Out of the Money indicator shows a staggering resistance level at 305 trillion. This tool is particularly useful for traders as it helps to identify whether an address is “In the Money” or “Out of the Money” based on the current price compared to the average cost of tokens held.
The current SHIB price hovers around $0.00000762. The nearest support zone is at $0.0000075, which it has already broken, and the next one is at $0.0000055. On the flip side, the resistance zones are at $0.0000100 and $0.00001200.
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