- Shibarium’s newest feature, the Bridge, could potentially revolutionize the blockchain landscape.
- Despite SHIB’s price decline, the network’s growth trends offer hope for the future and indicate that investors are bullish on the crypto.
Shibarium Milestone and Network Growth Trends Amid SHIB Decline
Shiba Inu enthusiasts are eagerly anticipating updates from Shibarium, and the L2 network’s newest feature, the Bridge, has generated a lot of excitement. The bridge has the potential to revolutionize the blockchain landscape with its Ethereum bridging and other exciting possibilities. However, as SHIB’s price continues to decline, the question remains: can these improvements help turn things around for the beloved meme-inspired cryptocurrency?
The price of SHIB has been experiencing a slump, leaving investors feeling the burn. Shibarium, the L2 network supporting SHIB, has achieved a noteworthy milestone of over 4.6 million total transactions, indicating significant growth from just a few thousand transactions a few weeks ago. Despite this milestone, the daily transaction volume via Etherscan has recently decreased.
On a positive note, the number of wallets on the Shibarium testnet has surged to over 14 million active on the L2 network.
While the SHIB price decline may be a cause for concern, the network’s growth trends offer hope for the future and will be closely watched over the coming days and weeks. Across a majority of exchanges, Shiba Inu saw favorable funding rates, suggesting an overall positive sentiment towards the cryptocurrency. This trend indicates that a larger number of traders are speculating that the token’s price will rise, rather than fall.
Shibarium’s New Bridge Feature Marks Significant Milestone
Lucie Sasnikova of the Shiba Inu army recently shared exciting news about Shibarium’s latest feature: the Bridge. The bridge had been activated and was partially operational, representing a significant milestone for the Layer 2 network.
Bridging is a crucial process used when two different blockchain networks are incompatible with each other due to varying consensus algorithms or token standards. While bridging is a complex undertaking that requires careful attention to security and asset integrity, it is a promising development that is sure to generate buzz among crypto enthusiasts and Shiba Inu investors.
While the SHIB price has been struggling, the activation of Shibarium’s bridge feature could potentially pave the way for more integrations and partnerships, which may help increase its value over time. However, as with any cryptocurrency investment, there are always risks to consider, and investors should always do their due diligence before making any decisions.
SHIB and DOGE moving together
SHIB and DOGE have been going neck-and-neck with each other since last year. Back in late May 2022, both coins had 3.4 million subscribers on Twitter. Now, they both have 3.7 million Twitter followers.
This means they gained 400,000 followers over the past year. For Shiba Inu, this is one million more than the amount of SHIB holders, which now stands at 2,373,060. The burn rate of the second-largest meme coin by market capitalization value has increased by a whopping 1,439.2% in the last 24 hours.
A total amount of 15,399,176 Shiba Inu meme coins have been removed from circulation and into “inferno” wallets during the past 24 hours.
Jeremie Davinci says he will sell ADA for SHIB
On Sunday, a TikTok video was posted with a popular crypto YouTuber turned millionaire Jeremie Davinci, who was also an early Bitcoin investor. In that video, the blogger shows a box with physical replicas of several coins, including BTC, ETH, SHIB, DOGE, and ADA.