The Shiba Inu ecosystem has emerged as one of the most versatile ecosystems in the crypto space, despite the apparent sluggishness of the two largest memecoins by market cap, SHIB and DOGE.
At the heart of the Shiba Inu ecosystem, we have Shibarium, with its own share of loyal and passionate supporters.
At the time of writing, Shibarium has just recorded an impressive spike in a few metrics and is now smashing milestone after milestone.
But, we would all like to know: How does this benefit SHIB?
According to data curated from Shibariumscan, Shibarium may have seen more than a 250% spike in activity from new accounts in February alone.
The Shibarium data tracker shows the growing demand and interest for the platform's offerings in terms of new wallet addresses.
As shown by the snapshot above, Shibarium now boasts about 1.35 million wallet addresses, as well as an average daily transaction growth of about 335 million transactions.
All of these metrics not only show that Shibarium is pulling in new users every day, but they also show that the scaling network is capable of handling huge transaction volumes on a daily basis while maintaining low costs of transactions.
Moreover, Shibarium's block time stands at less than 10 seconds, making it one of the fastest and most reliable networks in the blockchain space.
This isn't all.
Shibarium has also broken through the block milestone by creating over 3 million blocks. At the time of writing, this metric currently sits at around 3.03 million blocks.
Moreover, Shibariu currently has about 15,004 contracts supported, indicating that developers are building massively on the L2 solution.
These contracts allow the network to house anything between 8,979 tokens, including the Shiba Inu tokens (SHIB, LEASH, and BONE) and other compatible assets.
The upcoming automatic SHIB token-burning process is one of the most eagerly awaited projects being worked on by the Shibarium team.
At the time of writing, it is currently undergoing testing on Puppynet and is expected to improve transparency and efficiency by streamlining the SHIB burn process.
Moreover, LUCIE, the Shiba Inu marketing lead also recently teased a massive update coming to the Shibarium ecosystem, anytime between now and 2025.
The Shiabarium community keeps its fingers crossed as it anticipates these updates that LUCIE mentions.
However, should these updates involve the automatic SHIB burning mechanism, SHIB's current circulating supply is expected to decrease even further, adding to more than 43 billion SHIB tokens that have already been burned manually.
Over the medium-term perspective, SHIB is showing signs of bullishness and has increased by a slow, yet sensible 123% from $0.0000055 to $0.000012 between June to December 2023.
As shown above, however, SHIB has declined again to the $0.00000831 zone and appears to be doing pretty well.
This indicates that the cryptocurrency appears to have found semi-strong support around $0.00000831.
From this, we can conclude that SHIB's price action is steadily bullish at the time of writing, and will only turn full-on bearish if a break below $0.00000831 occurs.
If a breakdown of $0.00000831 doesn't occur though, SHIB will become fully poised to continue further upwards, and even possibly break above $0.000012 in coming weeks.
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