Shibarium Hits 300M Transactions, SHIB Price Drops 6%
SHIB Unresponsive to Shibarium’s New Milestone
Shibarium, the much-discussed Layer 2 of Shiba Inu [SHIB], has recently hit another milestone. Despite the high usage of the network, the blockchain’s native tokens have not benefited from it as they remained under the bears’ influence in the past few days.
Shibarium Reaches New Heights!
Since its launch in 2023, Shibarium has been a popular topic of discussion in the crypto community. The L2 has gained immense popularity in recent months and has recently crossed the 300 million total transactions mark, further proving its high usage. While the total transactions of L2 have crossed the 300 million mark, the total wallet addresses have exceeded 1.3 million. According to Shibariumscan.io, the L2 has processed more than 2.7 million blocks with an average block time of five seconds. At the time of the press release, Shibarium had completed over 303 million transactions and recorded a daily transaction count of 2.69 million.
Shiba Inu Lags Behind
The price performance of Shiba Inu did not match the growing pace of Shibarium as the meme coin’s price chart remained red thanks to bearish market conditions. According to CoinMarketCap, SHIB has dropped by more than 6% in the past seven days. At the time of writing, it was trading at $0.000009015 with a market cap of over $5.3 billion. Although SHIB’s price action was bearish, its social metrics were on the rise. In fact, Shiba Inu was named the top coin of the day in terms of social activity on January 22. Our analysis revealed that Shiba Inu’s social volume has significantly increased in recent days. It was also interesting to see that despite a price drop, the sentiment around SHIB became bullish as indicated by the increase in its weighted sentiment.
The Outlook for SHIB
The possibility of a trend reversal in terms of price, however, seems unlikely as several metrics remained bearish. For instance, SHIB’s exchange inflow saw a sharp increase on January 23. This means that the selling pressure on the meme coin was high at the time of the press release. In addition, whales seemed to show little interest in SHIB in the past week as its supply by the top addresses chart remained flat.
Other Ecosystem Tokens Share the Same Fate
Besides Shiba Inu, other ecosystem tokens like Bone ShibaSwap [BONE] and Doge Killer [LEASH] shared a similar fate. BONE recorded a double-digit decline in the past week as its value dropped by over 14%. At the time of writing, it was trading at $0.5615 with a market cap of over $129 million. LEASH’s chart was also red as its value dropped by over 6% in the past week and was trading at $267.45.
Sources: Shibariumscan.io, CoinMarketCap, Santiment
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