The Shiba Inu (SHIB) ecosystem had an event-filled week with several developments surrounding the meme coin. These developments again highlighted the mixed sentiment towards Shiba Inu (SHIB), with the crypto token running the risk of declining further from its current price level.
Data from DeFiLlama shows that the total value locked (TVL) on the layer-2 network Shibarium spiked this week, peaking at $2.45 million on May 30. This shows a growing confidence among investors in the Shiba Inu ecosystem. It also represents a positive development given that Shibarium’s TVL had declined significantly after surging to a record-high of $3.9 million in March.
The Shibarium network also recorded a significant milestone this week, crossing the 5 million mark in terms of total blocks processed on the network. That highlighted the impressive demand and adoption the layer-2 network has enjoyed since launching last year. Shibarium has also processed over 4 million transactions and boasts almost 2 million addresses on the network.
However, what remains a concern for the Shiba Inu team and community at large is the dwindling daily transactions on the Shibarium network. The network recorded daily transactions under 20,000 almost throughout May, with May 3 being the only day last month when it managed to record over 20,000 daily transactions.
This has also negatively impacted Shiba Inu’s token burns, with the number of tokens burned declining lately. Data from the burn tracking website Shibburn shows a 44% drop in the number of tokens burned in the last seven days.
Data from the market intelligence platform IntoTheBlock shows that 65 trillion SHIB tokens are at risk of being sold off following the meme coin’s recent price correction. These 65 trillion tokens were bought between $0.000025 and $0.000027. The wallet addresses that purchased Shiba Inu at this range could sell their tokens in fear of a further price decline, with such selling pressure sending Shiba Inu’s price spiraling down.
Shiba Inu also risks facing significant pressure, with crypto analyst Ali Martinez revealing that over 4 trillion SHIB ($103 million) have been sent to crypto exchanges in the last two weeks. Moving these tokens to exchanges usually suggests that holders are about to offload their holdings in a move that can
The official X (formerly Twitter) account of Shiba Inu highlighted that it had been three years since Ethereum’s co-founder Vitalik Buterin burned 410 trillion SHIB tokens (almost half of the meme coin’s total supply).
These burned tokens formed part of the 500 SHIB tokens the meme coin’s founder Ryoshi sent to the Ethereum co-founder. Vitalik’s move is known to have been a pivotal moment for the Shiba Inu ecosystem and is forever etched in its history.
Featured image created with Dall.E, chart from Tradingview.com
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