Tag: Shiba Inu (SHIB)

TL;DR

• Shiba Inu experienced a substantial increase in its token burn rate, but its price continues to decline.
• Shibarium saw a rise in daily transactions, signaling growth in the meme coin’s ecosystem.

Burn Rate Goes Through the Roof

The popular meme coin – Shiba Inu – witnessed a burn rate increase of nearly 3,000% in the past 24 hours, resulting in over 30 million tokens being removed from circulation.

The program aims to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable. Since the beginning of 2024, the meme coin saw more than 9 billion assets destroyed (approximately 10% of the amount burned throughout the entire 2023).

However, SHIB’s price has been downsliding lately, resonating with the broader market correction. According to CoinGecko’s data, it has dropped by 1% in the past 24 hours and 7% on a weekly basis.

Shibarium’s Resurgence

The layer-2 blockchain solution – Shibarium – has also experienced an uptick, with daily transactions for January 17 surpassing 2.5 million (a 33% increase from the day before).

The network, which officially went live in August 2023, is designed to foster the growth of the Shiba Inu ecosystem by reducing transaction fees and improving speed.

As CryptoPotato reported, Shibarium has blasted through countless milestones since its launch, such as exceeding 250 million in terms of total transactions. Those willing to learn more about it, feel free to check our dedicated video below:

TL;DR

• A well-known crypto exchange allowed customers to purchase and send BONE tokens to Shibarium through its platform.
• BONE’s price experienced a notable increase following the disclosure.

Shibarium’s Marketing Strategist, going by the handle LUCIE on X (formerly known as Twitter), praised the crypto exchange Gate.io for supporting the layer-2 blockchain solution. Users are now allowed to purchase and send BONE tokens to Shibarium via the platform.

Huge shoutout to @gate_io for introducing #Shibarium support!

Now, easily purchase and send Bone to #Shibarium through Gateio. Appreciate this

Thank you pic.twitter.com/TOjYOXe42k

— | Shibarium ⛓️ (@LucieSHIB) January 15, 2024

BONE (the governance token of Shiba Inu’s decentralized exchange ShibaSwap) reacted positively to the news, with its price surging by over 10% on a daily basis and reaching almost $0.70. It slightly retraced in the following hours to its current level of $0.66 (per CoinGecko’s data).

Shibarium has also witnessed some resurgence after Gate.io’s interaction. Daily transactions on the network climbed to almost 2.5 million: the highest figure in a week. 

Shibarium officially saw the light of day in August last year, blasting through countless milestones since then. As CryptoPotato recently reported, total transactions surpassed 250 million, while wallet addresses are inching toward 1.4 million. 

Shiba Inu’s scaling solution is designed to support the meme coin’s ecosystem and elevate it above its rivals by lowering transaction fees and improving speed. Those curious to learn more about the feature could take a look at our video below:

TL;DR

• Shibarium, Shiba Inu’s layer-2 solution, has seen substantial growth in terms of transaction volume.
• The network’s advancement could boost SHIB’s price through increased community engagement and investor interest.
• Despite a slight recovery, SHIB’s overall value is down on a weekly basis.

The popular memecoin Shiba Inu (SHIB) has once again made the headlines thanks to its layer-2 blockchain solution – Shibarium.

According to Shibariumscan, total transactions on the network have exceeded the 250 million milestone, whereas total blocks stand just shy of the 2.5 million mark. Wallet addresses have also been on the rise, surpassing 1.3 million.

Shibarium, which saw the light of day in August last year, is designed to benefit the Shiba Inu ecosystem by reducing transaction fees and improving speed. Those willing to dive deeper and learn more about its specifics could take a look at our dedicated video below:

Shibarium’s further advancement could foster community growth and engagement, attract more investors, and positively affect SHIB’s price.

Another factor that could push the price north is the successful execution of Shiba Inu’s burning program. As CryptoPotato reported, the memecoin witnessed over 76 billion tokens burned last year, with December being the record month.

The mechanism aims to reduce the tremendous circulating supply of SHIB, making the asset more scarce and potentially more valuable in time.

Despite the slight resurgence today (January 4), its value is still in the red on a 7-day basis following the overall crypto market slump earlier this week.

TL;DR

• Shiba Inu Token Burns in 2023: Shiba Inu burned over 76 billion tokens in 2023, a decrease from the previous year, with December seeing the highest burn rate.
• Shibarium’s Development: Shiba Inu’s Shibarium, a layer-2 blockchain solution, has shown significant progress, recording a high number of transactions and blocks.
• Shiba Inu’s Recent Price Trends: The asset’s value has shown an uptrend, with a significant increase in the past month.

Shiba Inu’s Burn Rate Last Year

The popular memecoin project – Shiba Inu – witnessed over 76 billion tokens burned throughout 2023 (equaling more than $820,000 at current prices), representing an 8.33% decrease compared to 2022. The record month was December, when approximately 35 billion assets were destroyed.

Despite sounding quite substantial, the figure represents a tiny chunk of Shiba Inu’s tremendous circulating supply of nearly 590 trillion. The mechanism aims to reduce that supply, making SHIB more scarce and potentially valuable in time.

The asset’s price has been on an uptrend lately, spiking by 5% in the past 24 hours and around 30% on a monthly basis (per CoinGecko’s data).

Shibarium is Also Worth Observing

Many experts have claimed that the advancement of Shiba Inu’s layer-2 blockchain solution – Shibarium – could also play a role in the price appreciation of SHIB. 

The network, which officially went live in the summer of 2023, has blasted through multiple milestones lately, with total transactions surpassing 200 million around Christmas. Currently, that figure stands at almost 250 million, whereas total blocks are just shy of 2.5 million.

Shibarium aims to enhance the efficiency and scalability of the base layer by handling transactions off the main blockchain. Thus, users can enjoy reduced transaction fees and faster processing times. Those curious to dive deeper and learn more about Shibarium could take a look at our dedicated video below:

TL;DR

• Major Announcement Teased: Shytoshi Kusama, the anonymous lead developer of Shiba Inu (SHIB), hinted at a significant announcement and a year-end surprise for the SHIB community, suggesting it will be a pioneering development in Web3.
• Shibarium’s Impact on Shiba Inu: The focus on Shiba Inu in 2023 has been more on its layer-2 blockchain solution, Shibarium, than its price. Launched in August, Shibarium aims to position SHIB as a leader in its niche by enhancing speed and reducing transaction costs.
• Shibarium’s Achievements: Shibarium has achieved notable milestones, including surpassing 2 million total blocks and over 100 million transactions, demonstrating its growing influence and potential in the cryptocurrency space.

Shiba Inu to ‘Break the Internet?’

The popular memecoin – Shiba Inu (SHIB) – might be on the verge of making a great splash in the entire cryptocurrency space. At least, that is what Shytoshi Kusama – the anonymous lead developer behind the project – announced recently.

LUCIE – Shibarium’s Marketing Strategist – shared the statement where Kusama assures there will be a “very big announcement” and a year-ending surprise for the XRP army next week.

“It will be a world’s first proving once again that SHIB is leading innovation in the Web3,” the disclosure reads.

LUCIE doubled down on the expectations of breaking news, claiming it could “break the Internet.”

Shiba Inu’s Progress in 2023

Speaking of a possible additional advancement of the memecoin it is worth mentioning its developments since the beginning of the ongoing year.

SHIB’s price has soared by over 20% since January 1, but it is not its valuation that made the headlines. Most of the news surrounding the memecoin were related to the layer-2 blockchain solution – Shibarium – which officially saw the light of day in August.

The network, which aims to elevate Shiba Inu as a leader among its rivals by improving speed and lowering transaction fees, has blasted through numerous milestones lately.

Most recently, total blocks on the feature surpassed 2 million, whereas the number of total transactions exceeded the 100 million mark. Those curious to learn more about Shibarium could do so by watching our dedicated video below:

TL;DR

• Shiba Inu Scam Warning: Shibarmy Scam Alerts warns of fraudulent sites and NFT airdrops targeting SHIB investors, advising careful verification of URLs.
• Telegram Scam Alert: The team previously alerted about scammers on Telegram posing as legitimate contacts to deceive users in the Shiba Ecosystem & Shibarium Tech group.
• Safety Advice: Users are urged to verify identities and check official links to prevent falling victim to cryptocurrency fraud.

SHIB Army Should Beware

The cryptocurrency industry is an attractive sector for numerous investors and offers the chance to make substantial profits in a short period of time. However, the space is also full of fraudsters who target market participants aiming to swindle their holdings.

The X (Twitter) account focused on treats surrounding Shiba Inu and its native token SHIB – Shibarmy Scam Alerts – warned that there are a lot of fake sites and NFT airdrops that request people to connect their wallets and supposedly redeem money. 

The team alerted that this was a scam, advising individuals to check the URLs and not conduct such operations without proper due diligence. 

“If you are ever in doubt, please check with us before you do anything. Stay safe, Shibarmy, and keep your eyes open,” it concluded.

Shiba Inu’s Previous Warning

The team recently issued another alert to the community, claiming people should be utterly cautious when using Telegram since potential scammers are looking for an opportunity to attack.

“It has come to our attention that there are scammers operating on Telegram DMs, targeting unsuspecting users Shiba Ecosystem & Shibarium Tech group. These scammers may pose as legitimate individuals or organizations, attempting to deceive you into sharing personal information, financial details, or even sending them money,” it said.

Shibarmy Scam Alerts urged people to verify the identity and confirm the authenticity of the mysterious individuals they are communicating with. Checking official website links for verification could also prevent one from being involved in a cryptocurrency fraud. 

TL;DR

• Shiba Inu and Manny Pacquiao Partnership: Shiba Inu announced a collaboration with boxing legend Manny Pacquiao, coinciding with the release of The Shib Magazine’s second edition and a 3,000 NFT giveaway.
• Pacquiao’s Boxing Achievements: Manny Pacquiao is celebrated for winning 62 of 72 professional matches and being the first boxer to win lineal championships in five weight divisions, with titles in four decades.
• SHIB’s Recent Market Performance: SHIB has seen a 20% increase in the past month, possibly attributed to the development of Shibarium and a successful token burning initiative, reaching significant network milestones.

Shiba Inu Collaborates With a Renowned Boxing Champion

The team behind the popular memecoin – Shiba Inu – recently announced the upcoming release of the second edition of The Shib Magazine. In addition, they said the move comes with a distribution of 3,000 non-fungible tokens (NFTs) to lucky winners and a partnership with a well-known athlete.

The community wondered who this mysterious person might be, with the most popular suggestions pointing to some boxing legends. The rumors were this time true since Shiba Inu’s partner turned out to be the former professional boxer – Manny Pacquiao. The Filipino fighter disclosed the deal on X (Twitter) through the Manny Pacquiao Foundation page. 

“Thank you, SHIB community, for supporting the Manny Pacquiao Foundation. We are excited about this partnership. God bless,” he said.

Pacquiao is among the icons of boxing, having won 62 out of his 72 professional matches. He is the first boxer in history to win the lineal championship in five different weight divisions. He also holds the record of being the only boxer to hold world titles in four different decades: in the 1990s, 2000s, 2010s, and 2020s.

SHIB’s Recent Uptrend

Despite flashing red today (November 15), Shiba Inu’s (SHIB) price has charted a 20% gain in the past 30 days. Its positive performance could be attributed to the development of Shibarium and the successful execution of the asset’s burning program.

The former officially went live at the end of August and has blasted through several milestones since then. As CryptoPotato reported, the number of total blocks on the network surpassed 1.5 million, while total transactions are close to 4 million.

Those curious to find out more about Shibarium’s specifics and purposes could take a look at our dedicated video below:

TL;DR

• Shiba Inu has launched Shib Name Service (SNS) on Shibarium, its layer-2 platform, aiming to establish ‘Shibdentity’ for decentralized digital identity management with user-friendly, human-readable addresses.
• The Shiba Inu team highlighted that SNS is a fully decentralized system that enhances security, user experience, and is resistant to censorship, putting control of digital identities back in users’ hands.
• Shibarium has previously seen significant activity with over 3.5 million transactions and 1.3 million blocks, focusing on reducing costs and increasing transaction speed for Shiba Inu’s ecosystem.

‘A New Era Begins for Shibarium’

The team standing behind the popular memecoin – Shiba Inu – announced the launch of Shib Name Service (SNS) on its layer-2 scaling solution Shibarium.

“The moment has arrived, marking a milestone in our journey. With bated breath and anticipation, we proudly launch our ambitious venture, Shib Name Service, on Shibarium. It is our first step towards building Shibdentity, a decentralized identity platform that empowers users to own and control their digital identities,” the disclosure reads.

The feature was described as “a disruptor that brings something special to the table: human-readable addresses.” It allows people to easily manage their Shibarium addresses and send tokens to friends and contacts using their unique initials.

Subsequently, the Shiba Inu team assured that the SNS is fully decentralized, enhances the overall user experience, provides maximum security, reduces errors, and is censor-resistant:

“In a world dominated by centralized systems, Shibdentity brings power back to the people. With self-custodial login systems, you will no longer depend on third-party platforms. Whether it’s Web3-based wallet authentication or decentralized social logins, you are in control of your digital identity.”

Shibarium’s Previous Achievements

The L2 blockchain solution, which was highly anticipated by the SHIB community, officially went live at the end of August and blasted through several milestones in the following months.

As CryptoPotato reported, the total transactions on Shibarium exceeded 3.5 million, whereas the number of total blocks topped 1.3 million.

The network’s main goal is to elevate the memecoin above its rivals by lowering transaction costs and improving speed. More information about its specifics could be found in the video below:

TL;DR

• Shiba Inu’s layer-2 solution, Shibarium, witnessed a 400% increase in daily transactions, reaching over 62,000 on October 25.
• Since its launch in August, Shibarium has seen over 1.3 million blocks and is nearing 4 million overall transactions.
• This growth in Shibarium is seen as a potential driver for SHIB’s price, which has recently risen by about 10% daily and 20% weekly, possibly also influenced by the broader bullish cryptocurrency market trends.

What’s New With Shibarium?

After days of registering relatively low transaction volume, Shiba Inu’s layer-2 blockchain solution – Shibarium – has finally managed to change the trends. 

According to data provided by Shibariumscan, the number of daily transactions on the network climbed to over 62,000 on October 25. This represents a 400% increase compared to the figure observed the day before.

The L2 scaling solution officially saw the light of day at the end of August and has progressed rapidly ever since. Total blocks on the network have exceeded 1.3 million, whereas overall transactions are inching towards the 4 million milestone.

Those willing to learn more about Shibarium and how it plans to improve the popular memecoin Shiba Inu could take a look at our video below:

Could This Drive SHIB Price Up?

Shibarium’s advancement has been touted as an important factor that could trigger a Shiba Inu (SHIB) rally. The coin’s price has surged by approximately 10% in the past 24 hours and nearly 20% on a weekly basis.

Another element benefiting the performance of the self-proclaimed Dogecoin could be the current bullish condition of the cryptocurrency market. Earlier this week, Bitcoin (BTC) spiked to a 17-month high of $35,000, while many of the altcoins are also well in the green.