Get ready for some exciting Shiba Inu news! Shibarium, the layer-2 blockchain solution for the Shiba Inu community, has hit another major milestone as of September 25. This dynamic network has now processed over 7 million blocks and is closing in on a whopping 420 million transactions!
But that's not all. Shibarium is also witnessing a surge in other key metrics. The number of new contracts skyrocketed from just two on September 23 to 16 the very next day—a jaw-dropping 700% increase! Verified contracts and new accounts are also on the rise, showing that this platform is buzzing with activity.
Launched in August 2023, Shibarium aims to slash transaction fees on the SHIB network, support decentralized applications within the Shiba Inu ecosystem, and boost scalability. And guess what? The buzz around Shibarium could be setting the stage for a price rally for SHIB. The meme coin has seen a 14% increase in its valuation over the past week and is currently trading at around $0.00001497. With a market cap just shy of $9 billion, SHIB is holding strong as the 16th-biggest cryptocurrency out there.
One intriguing on-chain indicator suggests that SHIB’s price might keep climbing: the decreasing number of tokens on cryptocurrency exchanges. According to CryptoQuant, this figure hit a seven-month low on September 25, with around 141 trillion coins still on these platforms. This could mean that more people are opting for self-custody, reducing immediate selling pressure.
And let’s not forget the Shiba Inu burn rate, which has exploded by over 7,000% in the past 24 hours, resulting in almost 8 million tokens being sent to a null address. While the dollar value might seem small, these continuous efforts to burn tokens can positively impact SHIB's value by reducing its circulating supply.
Stay tuned for more updates and keep an eye on Shibarium and SHIB—you won't want to miss what happens next!
