Shiba Inu (SHIB) has experienced a notable surge in price, soaring approximately 20% in the last week, possibly influenced by the overall bullish trend in the crypto market. However, the significant milestone achieved by Shibarium, the layer-2 blockchain supporting SHIB, marks a critical moment for the token’s trajectory.
Shibarium, launched in August, has been rapidly advancing and recently hit a monumental milestone, surpassing 50 million total transactions. The network’s consistent performance, with six consecutive days of transactions in the millions, underscores its potential to enhance SHIB’s efficiency by bolstering speed and reducing fees.
The recent surge in SHIB’s price, coupled with favorable on-chain metrics, hints at a promising outlook. Notably, CryptoQuant data reflects a consistent negative net flow in SHIB exchange transactions, indicating a reduction in immediate selling pressure and signaling a potentially bullish trend.
Additionally, the impressive surge in the burning mechanism execution has seen a remarkable increase, soaring by over 800% in the last 24 hours and an astounding 1,500,000% on December 5. This program aims to diminish SHIB’s circulating supply, potentially increasing its scarcity and value over time, with over 41% of the token’s total supply already inaccessible.
The achievements on Shibarium and the evident positive indicators for SHIB’s future signify a potential upward trajectory for the popular memecoin, particularly as it harnesses the advantages of blockchain technology and innovative mechanisms to enhance its standing in the market.
