Shibarium: Building Momentum in the Blockchain Space
Shibarium, the Layer-2 blockchain for Shiba Inu (SHIB), is building momentum quietly but solidly, fueled by hyper-growth, through-the-roof on-chain activity, and support from its global community.
Since its August 2023 mainnet launch, Shibarium has grown exponentially. According to data from Shibariumscan, the network has supported over 1.12 billion transactions, produced 10.7 million blocks, and enjoys an average block time of a mere 5 seconds. With over 199 million wallet addresses, it’s clear the platform is built to handle real-world blockchain applications at scale.
On a typical day, Shibarium hosts approximately 4.51 million transactions, showing that not only is the network growing, but it is also thriving. In spite of this volume of traffic, it continues to be fast and inexpensive, with gas fees at a low 6.1 Gwei, an enormous benefit to both users and developers.
As for SHIB itself, over 410.7 trillion SHIB tokens have been burned to date. However, the number of daily burns has eased recently, with just 4,600 SHIB burned in the last 24 hours reflecting a 99.97% reduction. But of course, there are still the occasional large burns, like yesterday’s, that burnt close to 14 million SHIB, serving as an act that reduces the liquid supply and adds some price stability.
That said, SHIB’s circulating supply sits at 584.4 trillion, with 4.8 trillion SHIB staked as xSHIB. Shiba Inu team lead Lucie summed up the project’s long-term commitment, saying:
“We are who we are. There is no exit. We can’t just take off our colors and say, ‘Okay, F Shib, let’s jump to another chain with more degens.’ We are committed to building for the Shib Ecosystem. It’s called responsibility.”
Shibarium DApp Store Launch
On April 24, CNF revealed that Shibarium DApp Store officially launched with over 1,200 decentralized apps. The new portal offers a filtered platform for developers and users, serving as a gateway to the Shibarium universe. The platform itself is powered by Shibarium infrastructure, showcasing the project’s ongoing innovation. Lucie praised this development, saying, “This is a meaningful step forward, not just for Shibarium, but for what it means to build accessible, user-friendly Web3 infrastructure.”
Currently priced at $0.00001359, SHIB has seen a modest 0.57% increase over the past 24 hours and a 5.6% surge over the week. The daily trading volume has decreased by 4.10% to $205.9 million. In the derivatives market, the trading volume decreased by 12.84% to $181.99 million, but open interest in SHIB futures has risen slightly by 1.88% to $183.66 million, reflecting investor confidence in the long term.
Key Support Level for SHIB
A crucial level of support for SHIB currently is $0.00001265. If the token’s price falls below this, it could signal that bullish momentum has collapsed. In this case, SHIB might be at risk of retesting previous levels of support, starting at $0.00001078.