Shiba Inu Whales Bet Big As Shibarium Grows – Road To $0.1?
November 05 2023 - 7:48AM
NEWSBTC
Shibarium has had quite the adoption and growth since its launch.
The layer-2 solution has grown in various metrics over the months,
demonstrating strong momentum. Shibarium is closely approaching the
4 million milestone in total transactions. At the same time, whales
are increasing their activities, as large transactions spiked in
the past week. Related Reading: RUNE Solid 100% Rally Hits
Barrier: THORChain Price Nears Key Resistance Shibarium Nears 4
Million Transactions The momentum behind Shiba Inu’s own scaling
solution is growing at an incredible pace. Shibarium has taken off
and become the preferred method for SHIB whales and retail
investors alike to buy and sell SHIB tokens. According to NOWNodes,
Shibarium was one of the best-performing networks this month, as
the blockchain node provider reached 66 million processed requests
to Shibarium. In less than three months after its launch, the
network is now approaching four million total transactions and
shows no signs of slowing down. @ShibariumNet was one of the best
performing networks in our ecosystem this month 🥇 Our team prepared
a Milestone report dedicated to the success, most recent updates
and highlights of the network Get into our new 🧵
https://t.co/t4e5ljoXNi pic.twitter.com/WHyZZCQAE0 — NOWNodes ⛓️
(@NOWNodes) November 3, 2023 Data from Shibariumscan puts the total
transaction count at the time of writing at 3.81 million, with a
total of 1.51 million blocks mined. The number of daily
transactions is also at 13,700 in the past 24 hours, and the number
of wallet addresses has recently surpassed 1.26 million. At the
same time, Shiba Inu whales have upped their activity. Data from
IntoTheBlock has shown the Shiba Inu ecosystem saw a 45% jump in
large transaction volume, which totaled $46.12 million as October
came to a close. Related Reading: This Chainlink Metric Just Hit
Meteoric Levels – Good News For LINK Price? SHIB market cap
currently at $4.839 billion. Chart: TradingView.com Road To $0.1
For Shiba Inu? Past news around Shibarium has always positively
affected the price of SHIB. Each new milestone and benchmark
reached in developing Shibarium generates excitement and drives up
the price of SHIB. At the time of writing, SHIB is trading at
$0.000008154 and only 22.14% of holders are currently making a
profit. A cross over the four million milestone in Shibarium could
lead to another hype in the Shiba Inu ecosystem, even if only
temporarily. This could propel Shiba Inu past the current
resistance of $0.0000082 and towards its August high of
$0.00001072. As more SHIB holders discover the benefits of
Shibarium, like lower fees and faster transaction speeds, the rate
of adoption will only accelerate. At the same time, various
developments have pointed towards sustained price growth for
SHIB. Shytoshi Kusama, SHIB’s lead developer, recently
unveiled a naming service on Shibarium to convert complex Shibarium
addresses into simple human-readable names. A $0.1 price point at
this moment seems very unrealistic, but updates like this indicate
a starting point for sustained price growth.
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