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Home»BITCOIN NEWS»Here are some important Shiba Inu developments you may have missed this week:
BITCOIN NEWS

Here are some important Shiba Inu developments you may have missed this week:

By Crypto FlexsJune 2, 20243 Mins Read
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Here are some important Shiba Inu developments you may have missed this week:
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that much Shiba Inu (SHIB) ecosystem It’s been an event-filled week with several developments surrounding meme coins. these Development This again highlights mixed feelings about Shiba Inu (SHIB), as there is a risk that the cryptocurrency token could fall further from its current price levels.

Shibarium sees a surge in total locked value.

According to data from DeFiLlama, Total Value Locked (TVL) Layer 2 Network Sybarium It soared this week, reaching a high of $2.45 million on May 30. This demonstrates growing confidence among investors in the Shiba Inu ecosystem. It also represents a positive development, considering that Shibarium’s TVL soared to 10% and then declined significantly. Highest ever: $3.9 million In March.

The Shibarium Network also hit an important milestone this week. 5 million mark In terms of total blocks processed on the network. This highlighted the impressive demand and adoption that layer 2 networks are enjoying. Since launching last year. Shibarium has also processed over 4 million transactions and boasts nearly 2 million addresses on its network.

However, there are still concerns Shiba Inu Team and Community Overall, daily transactions on the Shibarium network are decreasing. The network recorded fewer than 20,000 daily transactions for almost all of May, with May 3 being the only day it recorded more than 20,000 daily transactions.

This also had a negative impact Shiba Inu’s token burnsThe number of tokens being burned has been decreasing recently. data According to burn tracking website Shibburn, the number of tokens burned has decreased by 44% over the past seven days.

Price of Shiba Inu at Serious Collision Risk

data Market intelligence platform IntoTheBlock The recent price correction of the meme coin shows that 65 trillion SHIB tokens are at risk of being sold off. These 65 trillion tokens were purchased for between $0.000025 and $0.000027. that much wallet address People who bought Shiba Inu in this range may sell their tokens for fear of further price drops, and this selling pressure could cause the price of Shiba Inu to plummet.

Shiba Inus are also at risk of facing significant pressure. Cryptocurrency analyst Ali Martinez open Over the past two weeks, more than SHIB 4 trillion ($103 million) has been transferred to cryptocurrency exchanges. Moving these tokens to an exchange usually means that the holder can dispose of their holdings.

Memorable moments in Shiba Inu history

Shiba Inu’s official X (formerly Twitter) account highlighted Three years have passed since then. Ethereum co-founder Vitalik Buterin Burned 410 trillion SHIB tokens (almost half of the total supply of meme coins).

These burned tokens formed part of 500 SHIB tokens. Ryoshi, founder of Memecoin Sent to Ethereum co-founder. Vitalik’s movement is known as a pivotal moment in the Shiba Inu ecosystem and is forever etched into its history.

SHIB price shows strength | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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