According to Whale Alert, a massive 4,642,530,677,374 SHIB ($38,057,145 USD) has been transferred between unknown wallets. This large-scale movement occurred shortly after Shytoshi Kusama, the anonymous Shiba Inu developer, posted on his blog. In it, he declared that Shiba Inu was now reliable and secure. He also took a moment to appreciate the Polygon team for aiding the Shiba Inu project during its rough patch. The launch of Shibarium, a platform designed to enhance the utility of Shiba Inu, had experienced hitches that led to $1.79 million worth of Ethereum getting stranded.
Shibarium’s Network Activity and SHIB’s Exchange Listings
- Shibarium Explorer reveals 73,650 daily transactions and approximately 900,000 registered addresses.
- Peak activity was on August 25 with over 130,000 recorded transactions.
- The total value locked (TVL) on Shibarium is $1.23 million, a fraction compared to the $37 billion TVL across the DeFi ecosystem.
- DogSwap remains the biggest Decentralized Exchange (Dex) with a TVL exceeding $687,000.
- Recent developments also see new SHIB listings on exchanges such as BitMEX, offering traders the option to engage in perpetual futures contracts.
ShibaFest and Price Dynamics
Shiba Inu’s price has been on a decline, but the recent ShibaFest, an event dedicated to SHIB enthusiasts, may rejuvenate the cryptocurrency. With the momentum indicators indicating an upward trend, SHIB may soon see a price surge. But, the market is unpredictable, and the bearish presence could bring about a price drop. Despite the variables, the festive mood from ShibaFest has energized dormant SHIB addresses.
Shiba Inu Price Forecast
- Presently, the Shiba Inu coin has found support at $0.00000784.
- Its price could rise and meet resistance at the 50-day Exponential Moving Average (EMA) at $0.00000840 or even stretch to the 100- or 200-day EMA.
- In an extremely bullish scenario, SHIB’s price could surge to the $0.00001067 mark.
- However, should the bearish trend persist, SHIB might drop below the $0.00000718 support level.
Shiba Inu’s Burn Rate
In the past week, there’s been a significant uptick in the SHIB burn rate, with a 500% increase from the previous day. As per Shibburn data, 564,273,572 SHIB tokens, equivalent to $4,425, were burned in the last seven days. While the last 24 hours witnessed a burn of 135,851,937 SHIB tokens.
Shibarium’s Growing Utility and the Introduction of WBONE
The past week celebrated the successful initiation of Shibarium. This new Shiba Inu Layer 2 blockchain attracted over a million wallets, marking its relevance and adoption in the crypto community. In recent updates, Shiba Inu’s lead, Shytoshi Kusama, announced the completion of WBONE. As explained by Shiba Inu team member Lucie, WBONE or Wrapped Bone is a Shibarium-aligned token that symbolizes BONE in a standardized form harmonious with the Shibarium network’s smart contracts and decentralized applications (dApps). WBONE streamlines the integration of BONE with other tokens and dApps on Shibarium. This enables users to wrap their BONE tokens into WBONE, fostering smooth interactions with various DeFi protocols and DEXs on the Shibarium network.
Challenges Ahead
While the optimism around Shiba Inu is palpable, it’s essential to recognize the inherent risks associated with any cryptocurrency. Potential investors should be prepared for sudden market changes influenced by broader economic factors, technological glitches, or unexpected regulatory measures. As with all investments, thorough research and understanding are paramount before
Conclusion
Shiba Inu continues to evolve, marked by whale movements, network development, and the ShibaFest’s success. As the market responds to these changes, enthusiasts and investors will keenly monitor SHIB’s trajectory in the coming days.
While the cryptocurrency landscape is notably volatile, the series of events surrounding Shiba Inu showcases the resilience and potential of this particular digital asset. The enthusiastic community behind SHIB has consistently played a crucial role in its growth, and its response to the recent challenges and successes is a testament to this coin’s vibrant ecosystem.
