Shibarium achieves 600k wallets milestone, with 705k transactions and 5-second block time. Marking significant growth, it continues to offer efficient blockchain solutions in the Shiba Inu ecosystem.
The world of cryptocurrency is once again in the spotlight as Shiba Inu’s native token, SHIB, grapples with price fluctuations, while the Shiba Inu ecosystem’s layer two solution, Shibarium, reaches new milestones. Investors are closely monitoring the situation as they seek to stay profitable in a market filled with uncertainty.
SHIB Price Wobbles In Search For Support
In recent days, SHIB price has faced considerable challenges, struggling to regain support at the $0.000008 level. Investors are anxiously awaiting a potential buy signal that could pave the way for a surge above the critical $0.00001 mark. Unfortunately, SHIB has not been immune to the red tide sweeping through the cryptocurrency market, a downturn exacerbated by the US Securities and Exchange Commission (SEC) decision to delay the approval of spot Bitcoin ETFs.
As of the latest data, SHIB is trading at $0.00000796, marking a 3.2% decline in the past 24 hours. This sell-off has boosted trading volume to $133 million while also causing a dip in the market capitalization, which currently stands at $4.6 billion.
The journey for Shiba Inu investors has been tumultuous, especially after the much-anticipated Shibarium upgrade rally to $0.000011. Instead of a post-launch rally, developers had to address scalability issues, temporarily taking the protocol offline. As a result, SHIB lost support at $0.00001 before pausing at $0.00008. Following a week of consolidation, the immediate buyer congestion zone weakened.
Investors are now closely watching for SHIB price to reclaim $0.000008 as support, paving the way for fresh momentum and potential gains above $0.00001. Those considering long positions are cautious and hoping to avoid holdings dropping below the lower ascending trendline. However, if declines persist, traders may increase exposure to short positions, setting their sights on support levels at $0.000007 and $0.0000064.
Shibarium Achieves Significant Milestone Surpassing 600,000 Created Wallets.
Amidst the turbulence in the SHIB market, Shibarium, the Shiba Inu ecosystem’s layer two (L2) solutions protocol, is making remarkable strides. Since its re-launch earlier this week, Shibarium has achieved significant milestones. According to the Shibarium explorer, more than 600,000 wallets have already been created, with expectations of reaching 1 million in a matter of days.
Shibarium’s protocol has processed over 705,000 transactions with an average block time of just 5 seconds, boasting more than 401,000 total blocks. Despite its initial challenges, developers have worked diligently to bring Shibarium back online, and it is poised to be a game-changer within the ecosystem.
The Shiba Inu community has long been focused on reducing the vast circulating supply of tokens to enhance supply and demand dynamics, potentially setting the stage for a significant rally during the next bull market. With the increasing adoption and interest in Shibarium, it seems only a matter of time before the community reaps the benefits of holding SHIB long-term.
As SHIB price navigates its uncertain path, investors and enthusiasts alike are watching closely, hoping for a favorable turn of events. Shibarium’s growth offers a glimmer of hope amidst the market’s volatility, demonstrating the resilience and innovation that continue to shape the cryptocurrency landscape. Stay tuned for further developments in the world of Shiba Inu and Shibarium.