Here Are Important Shiba Inu Developments You Might Have Missed This Week

Source Bitcoinist

The Shiba Inu (SHIB) ecosystem had an event-filled week with several developments surrounding the meme coin. These developments again highlighted the mixed sentiment towards Shiba Inu (SHIB), with the crypto token running the risk of declining further from its current price level. 

Shibarium Sees Spike In Total Value Locked

Data from DeFiLlama shows that the total value locked (TVL) on the layer-2 network Shibarium spiked this week, peaking at $2.45 million on May 30. This shows a growing confidence among investors in the Shiba Inu ecosystem. It also represents a positive development given that Shibarium’s TVL had declined significantly after surging to a record-high of $3.9 million in March. 

The Shibarium network also recorded a significant milestone this week, crossing the 5 million mark in terms of total blocks processed on the network. That highlighted the impressive demand and adoption the layer-2 network has enjoyed since launching last year. Shibarium has also processed over 4 million transactions and boasts almost 2 million addresses on the network. 

However, what remains a concern for the Shiba Inu team and community at large is the dwindling daily transactions on the Shibarium network. The network recorded daily transactions under 20,000 almost throughout May, with May 3 being the only day last month when it managed to record over 20,000 daily transactions. 

This has also negatively impacted Shiba Inu’s token burns, with the number of tokens burned declining lately. Data from the burn tracking website Shibburn shows a 44% drop in the number of tokens burned in the last seven days. 

Shiba Inu’s Price At Risk Of A Significant Crash

Data from the market intelligence platform IntoTheBlock shows that 65 trillion SHIB tokens are at risk of being sold off following the meme coin’s recent price correction. These 65 trillion tokens were bought between $0.000025 and $0.000027. The wallet addresses that purchased Shiba Inu at this range could sell their tokens in fear of a further price decline, with such selling pressure sending Shiba Inu’s price spiraling down.  

Shiba Inu also risks facing significant pressure, with crypto analyst Ali Martinez revealing that over 4 trillion SHIB ($103 million) have been sent to crypto exchanges in the last two weeks. Moving these tokens to exchanges usually suggests that holders are about to offload their holdings in a move that can 

A Memorable Moment In Shiba Inu History

The official X (formerly Twitter) account of Shiba Inu highlighted that it had been three years since Ethereum’s co-founder Vitalik Buterin burned 410 trillion SHIB tokens (almost half of the meme coin’s total supply). 

These burned tokens formed part of the 500 SHIB tokens the meme coin’s founder Ryoshi sent to the Ethereum co-founder. Vitalik’s move is known to have been a pivotal moment for the Shiba Inu ecosystem and is forever etched in its history. 

Shiba Inu price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD rallies to $38.40 favoured by a softer US Dollar Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
Author  FXStreet
13 hours ago
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
Asian stocks climbed following record highs with gains led by Taiwan and AustraliaOn Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
Author  Cryptopolitan
13 hours ago
On Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
placeholder
AUD/USD advances further beyond 0.6500 amid notable USD weaknessThe AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
Author  FXStreet
14 hours ago
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
placeholder
Pound Sterling set for third straight week of losses amid growing UK labor market concernsThe Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Author  FXStreet
15 hours ago
The Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
goTop
quote