Shibarium blockchain has shown a sharp decline in daily transactions; Shiba Inu (SHIBA) was trading near $0.00002357 at press time.
Shiba Inu (SHIB) token was launched as an experiment, today the associated technologies have grown into a decentralized ecosystem. Since its inception, the project has become a global payments and community project. It was created anonymously in 2020 with 50% of its supply allocated to Vitalik Buterin’s wallet.
SHIBARIUM is one of the most anticipated layer 2 blockchains which has grown remarkably. It addresses some of the fundamental issue of scalability of the Ethereum blockchain. SHIB is one of the key tokens of the SHIBARIUM layer. It also enhances the usability of the SHIB token across the broader market. Let’s have a look at the ecosystem of SHIB and Shibarium.
Is The Crown Jewel Of SHIB On A Decline?
Source: Dune.com
Shibarium is the crown jewel of the SHIB ecosystem. It has shown a steady decline in user base. Meanwhile, the number of Bone ShibaSwap (BONE) swaps has increased on the SHIBARIUM ecosystem. There are 12 validators currently present on the protocol and the average block time is 5.0 seconds. Over 1,796,824 wallets have been created with an overall transaction of 417,410,661. Meanwhile, the daily transactions of the platform has declined from 958k to 7k in the past few months.
Source: Shiba Inu address by bubblemaps
SHIB token has over 1401890 holders after a 0.008% surge in the past few days. Meanwhile, the number of total unique senders and receivers of the SHIB token has reached a low of 4499 from the high of 49522. Recently, Coingate, a blockchain payment processor added SHIB as a payment method along with Polygon and BSC. Popular companies that have collaborated with the payment processor include Airbnb, Spotify, Nike and many more. Various analysts are expecting a strong growth in the overall ecosystem in the upcoming years.
Are SHIB Bulls Ready For A Great Run?
SHIBA Inu has a market cap of $14.2 Billion and is ranked 11th on CoinMarketCap (CMC). The volume of the asset price has seen a surge of over 75% in volume over the last 24 hours. Meanwhile, the token price is trading near $0.00002422 with a gain of over 1.5% in the intraday session. The upside trend of the asset price can see a halt near the value of $0.0000325. The downside trend of the token price can observe a halt near $0.00002
The MACD line is below the signal line while the histogram is contracting, which could imply a weakening downtrend. RSI of SHIB is near 44 highlighting its presence in the neutral zone. The overall sentiment of the RSI is bearish.
Conclusion
Shibarium has been observing a decline in the daily transactions while the number of unique senders and receivers has also taken a hit. Recently, SHIB has integrated with Coingate, making it widely available for users. SHIB token price is currently trading in a weak bullish momentum but can see a new high in the future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
