THE Shiba Inu Ecosystem (SHIB) had an eventful week with several developments around the same corner. These developments has once again highlighted the mixed sentiment towards Shiba Inu (SHIB), with the crypto token at risk of falling further from its current price level.
Shibarium sees an increase in total value locked
Data from DeFiLlama shows that the total value locked (TVL) on the Shibarium layer 2 network hit a high this week, peaking at $2.45 million on May 30. This shows growing investor confidence in the Shiba Inu ecosystem. This also represents a positive development given that Shibarium’s TVL has declined significantly after hitting an all-time high. a record $3.9 million in March.
The Shibarium network also recorded an important milestone this week by crossing the 5 million mark in terms of the total number of blocks processed on the network. This highlighted the impressive demand and adoption that Layer 2 networking has enjoyed. since launch last year. Shibarium has also processed over 4 million transactions and has almost 2 million addresses on the network.
However, what remains a concern for the Shiba Inu Team and Community in general, it is the decrease in daily transactions on the Shibarium network. The network recorded less than 20,000 daily transactions almost the entire month of May, with May 3 being the only day last month where it managed to record more than 20,000 daily transactions.
This also had a negative impact Shiba Inu token burnsthe number of tokens burned having decreased in recent times. Data From the burn tracking website, Shibburn shows a 44% drop in the number of tokens burned over the past seven days.
Shiba Inu price at risk of major crash
The data of market intelligence platform IntoTheBlock shows that 65 trillion SHIB tokens are at risk of being sold following the meme coin’s recent price correction. These 65 trillion tokens were purchased between $0.000025 and $0.000027. THE wallet addresses those who purchased Shiba Inu in this range might sell their tokens out of fear of further price declines, with such selling pressure causing the Shiba Inu price to fall.
Shiba Inu is also likely to face significant pressure, with Ali Martinez, crypto analyst developer that over 4 trillion SHIB ($103 million) was sent to crypto exchanges in the last two weeks. The movement of these tokens to exchanges generally suggests that holders are about to dump their holdings, which may
A memorable moment in Shiba Inu history
Shiba Inu’s official X account (formerly Twitter) Underlines that it had been three years Vitalik Buterin, co-founder of Ethereum burned 410 trillion SHIB tokens (nearly half of the total meme coin supply).
These burned tokens were part of the 500 SHIB tokens that Ryoshi, founder of meme coin sent to the co-founder of Ethereum. Vitalik’s gesture is known to have been a pivotal moment for the Shiba Inu ecosystem and remains forever etched in its history.
Featured image created with Dall.E, chart from Tradingview.com
