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Writer's pictureDavid Manion

Shibarium reaches 800k wallets, SHIB down 2%.


Shibarium reaches 800k wallets, SHIB down 2%.

Shibarium, an Ethereum (ETH) layer-2 (L2) network supported by Shiba Inu (SHIB) tokens, has shown impressive growth despite initial challenges. The network has attracted over 820,000 new wallet addresses and more than 90,000 daily transactions. Shibarium offers users faster, cheaper, and more private off-chain transactions while leveraging the security of the underlying Ethereum blockchain. Shibarium reaches 800k wallets, SHIB down 2%.


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Shibarium reaches 800k wallets, SHIB down 2%.

Shibarium is a layer-2 network built on Ethereum that aims to improve off-chain transactions by providing faster, more cost-effective, and private transactions while leveraging Ethereum's security features.


The recent increase in Shibarium's metrics is significant for the Shiba Inu project and its native token, SHIB. The growing number of wallet addresses and daily transactions within the network indicates an expanding user base and increased interest in the SHIB token.


Shibarium's rapid user base growth demonstrates its potential to enhance scalability and drive wider adoption of the Shiba Inu project. By addressing Ethereum's scalability limitations through its layer-2 solution, Shibarium aims to improve the user experience by enabling faster and more cost-efficient transactions.


Shibarium scan plays a crucial role in monitoring the network's progress. The platform's data reveals that over 820,000 new wallet addresses have been added, indicating a growing community that embraces Shibarium's benefits.


As Shibarium's metrics continue to show positive trends, it bodes well for the future of the Shiba Inu ecosystem and the SHIB token. The network's ability to provide faster, cost-effective, and private transactions will likely attract more users, driving adoption and strengthening the ecosystem.


Shibarium is expected to play a pivotal role in supporting the growth and scalability of the Shiba Inu project. With over 820,000 wallet addresses and over 90,000 daily transactions, Shibarium's recent surge in metrics marks a significant milestone for the Shiba Inu ecosystem. This achievement demonstrates the network's potential for scalability, broader adoption, and continued growth. With Shibarium's infrastructure in place, the Shiba Inu ecosystem is well-positioned to thrive in the evolving landscape of decentralized finance.


Shiba Inu Faces Market Headwinds

The Shiba Inu ecosystem is currently facing some challenges, with its native token SHIB being affected by the overall market trend. In the past 24 hours, SHIB has experienced a 2% decline in value and is currently trading at $0.00000783. Unfortunately, the token is still significantly below its year-to-date price and has experienced a decline of over 34%. SHIB bulls are particularly concerned about the key support level at $0.00000762, which has been instrumental in sustaining the token's price since July and has allowed occasional surges to $0.00001134.


SHIB’s downside price action on the daily chart. Source: SHIBUSDT on TradingView.com

However, should the market recover and resume its bullish trend, SHIB may encounter a noteworthy obstacle in the form of its 50-day Moving Average (represented by the brown line in the chart). This Moving Average could substantially challenge the token’s upward trajectory.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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