Gushiken Yona
As the Shiba Inu ecosystem continues to evolve, two key factors are signaling a bullish outlook for the future: Shibarium’s impressive surge in gas efficiency and a record-breaking burn rate of $SHIB tokens.
Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem, has witnessed a remarkable surge in network activity. Average gas prices, which remained consistently low compared to other L2 networks, experienced a staggering 2000% increase from 23.46 on August 23 to 483.88 on Thursday.
This significant rise indicates growing adoption and usage of Shibarium, suggesting a positive outlook for the Shiba Inu ecosystem. The increase in average gas prices on Shibarium signifies a rise in demand for the network’s services.
As more users and developers utilize Shibarium for transactions and applications, the competition for block space increases, leading to higher gas prices. This surge in activity is a bullish indicator for Shiba Inu, suggesting that the ecosystem is gaining traction and attracting interest from a wider audience.
In addition to the surge in gas prices, Shibarium has also witnessed a significant increase in verified contract growth. The number of verified contracts on the network has risen by 9.68% from 3049 in early August to 3344 as of Friday.
The increase in verified contracts signifies a growing developer community and a wider range of applications being built on Shibarium. As more developers choose Shibarium as a platform for their projects, it indicates that the network is gaining traction and becoming a more attractive option for building decentralized applications (DApps).
The Shiba Inu ecosystem also experienced a surge in token burning activity. In the past 24 hours alone, a total of 96,434,994 SHIB tokens have been burned through just two transactions.
This significant burn rate is a positive indicator for the Shiba Inu ecosystem, as it reduces the circulating supply of $SHIB, potentially driving up its price. Token burning involves permanently removing tokens from circulation, which can have a positive impact on a token’s price.
In the case of Shiba Inu, the increased burn rate is a bullish signal as it reduces the overall supply of $SHIB. This can lead to increased scarcity and potentially higher demand, driving up the token’s value.
As of 5:19 AM ET on Friday, August 30, 2024, Shiba Inu (SHIB) was trading at $0.0000141 with a 24-hour trading volume of $195,384,388. This represents a 0.22% dip on the day, a 2.20% decline in the past seven days, and a 15.93% plummet over the past 30 days.
Data from CoinMarketCap showed that Shiba Inu has a current circulating supply of 589,270,140,382,591 SHIB and a market capitalization of $8,302,269,423.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
