Shibarium Achieves 10 million Transaction volume Milestone for Shiba Inu
TL；DR
The recently launched Shibarium layer-2 protocol led to high transactions of the Shiba Inu token.
More than 3 million Shiba tokens were burned within the third week of May alone.
The Shiba Inu community has implored Twitter to integrate Shiba tokens into its payment .
Introduction
The cryptocurrency sector, with thousands of tokens/coins on the market, is one of the most competitive industries. Many memecoins like Dogecoin, Floki Inu, PEPE and Shiba Inu are essential assets within the crypto space. Some of these memecoins are performing well on the market despite having no intrinsic values. This article covers how Shiba Inu has been performing during 2023 and the impact of Shibarium on its future price performance.
Shibarium achieves 10 million transaction volume milestone
Shibarium’s Puppynet testnet, Shiba Inu layer-2 network, attained a record 10 million transaction volume milestone during the third week of May. Such a high transaction volume is a sign that the demand for Shiba tokens is increasing due to its large user base.
Shibarium is an Ethereum blockchain based layer-2 scaling solution that caters for the Shiba Inu eco. What the public is currently using is the testnet because the team has not yet launched the mainnet. However, the Shiba Inu community has responded positively to the development.
Read also: How to Buy Shibarium Name Service (SNS)
Data on Puppyscan shows that Puppynet has recorded 10.3 million transaction volume and more than 921,214 blocks during the third week of May. The other statistics show that the blockchain has over 15 million wallet addresses and an average block time of 5 seconds. Since 12 May, the protocol has been recording an average of more than 300,000 daily transactions.
More than 3 million Shiba Inu tokens burned in May
The other interesting statistics pertains to the number of burned tokens and the increase in the burn rate. Within the third week of May over 3 million Shiba Inu tokens were burned which is expected to push its price up in the long run.
Despite the recent burns the circulating supply of Shiba tokens remains high since it is still more than 589.3 trillion. Also, during the second week of May more than 5 million SHIB were burned. The following statistics present a clear picture of Shiba token burn history.
Shiba burn statistics - Trackshib
As the diagram shows, more than 13 trillion Shiba tokens were burned in May alone. It also indicates that a total of more than 410 trillion tokens have been burned so far.
Community urges Twitter to Integrate Shiba Token
The Shiba Inu community has asked Linda Yaccarino, Twitter’s new CEO, to integrate Shiba token into its payment , a move that would increase its demand and ultimately its value.
For instance, Ragnar Shib, one of the staunch advocates of the Shiba token, tweeted, “Any problem integrating @Shibtoken to twitter let us know. We have the most loyal, helpful, and biggest community in the crypto world.”
Although there is no guarantee that Twitter will make the Shiba token part of its payment , the Shiba army hopes for such a move. This is because Yaccarino follows the official SHIB account and Twitter accounts of many other crypto projects. As a result of this, there is speculation that Yaccarino may have interest in Shiba Inu and other memecoins.
What is Shibarium and how does it impact the Shiba token price?
We have discussed how the Shibarium testnet resulted in a record 10 million transaction volume milestone for Shiba Inu. Let’s briefly talk about how Shibarium works and how it can contribute to the growth of the Shiba Inu eco.
Primarily, Shibarium is a Layer-2 protocol that exists on the Ethereum blockchain and caters for the Shiba Inu eco. Likewise, the Shiba Inu crypto project, with Shiba token as its native cryptocurrency, also operates on the same network.
The launch of Shibarium will bring many new developments on the Shiba Inu project. For example, it will have its decentralized exchange called ShibaSwap as well as a metaverse and gaming platform.
In addition, Shibarium will have BONE as its governance token. Apart from BONE, Shibarium will have other cryptocurrencies which include LEASH, TREAT and SHI. It is essential to note that validators will be rewarded in BONE rather than Shiba tokens.
Shibarium brings several benefits to the Shiba Inu eco such as scalability, faster transactions and low transaction fees. This is because it processes the transaction off-chain which reduces congestion. People can also develop decentralized applications (Dapps) on Shibarium blockchain.
Read also: How to Buy Shiba Inu (SHIB) - HODL or Trade Crypto
Shiba Token price performance
The Shiba token has not been performing as expected within the last month. Generally, the Shiba token price fell by 15% within May resulting in losses among traders. The launch of new memecoins like PEPE might have contributed to Shiba token’s poor price run during the month.
Shiba price movements for May - Coingecko
The above graph paints a clear picture of the price performance of Shiba tokens during May. As you observe, the price started falling on 6 May till the end of the month. Of course, there were a few pullbacks during that period.
Despite the poor price performance of the Shiba token it gained in other respects. According to Glassnode there was a surge in the number of new wallets during the month. The expected launch of new products on the network could have resulted in a rise in the number of wallet addresses.
The statistics shows that the price of the token has been falling in the various time frames as indicated in the table below. Sadly, that paints a very bearish scenario.
Shiba Inu’s negative price changes - CoinGecko
As observed, its value decreased by 15.2% within the last 30 days, 0.5 within the last 7 days and by 0.7% within the last 24 hours. Worse still its value also dropped by 25.8% within the last 1 year. However, the market waits to see the impact of recent token burns and the introduction of new products on its price during the second half of the year.
Conclusion
The Shiba token registered a transaction volume of 10 million within the third week of May. Despite that positive development the token remained in red throughout the month. Also, 3 million tokens were burned during that period, something that may help to influence its price in the future.
