Here Are Important Shiba Inu Developments You Might Have Missed This Week | Bitcoinist.com



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

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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. 

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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. 

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SHIB
price
shows
strength
|
Source:

SHIBUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

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Author: Scott Matherson


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