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Home Altcoins

Shibarium nears new milestone as SHIB faces a decline

January 20, 2024
in Altcoins
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Shibarium nears new milestone as SHIB faces a decline
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  • Shibarium is set to hit a transaction milestone.
  • Shiba Inu’s burn rate has decreased in the past seven days.

Despite the progress, the Shiba Inu [SHIB] Shibarium is approaching a significant milestone. Still, certain essential metrics indicate a lack of new participants and transactions.

Shibarium nears key milestones

An examination of Shibarium’s data showed that the Shiba Inu platform was approaching a noteworthy transaction milestone. The transaction chart analysis showed that the total number of completed transactions on the network was over 292.5 million. 

Analyzing the cumulative transaction trend between 17th and 18th  January, it was observed that over 2.6 million transactions were recorded during this period.

As of this writing, more than 140,000 additional transactions have been added. Projecting this trajectory, the platform is on track to reach the 300 million transaction mark soon.

New entrants decline on Shibarium 

Towards the conclusion of last year, the count of new accounts on Shibarium experienced a rise, peaking at over 1,100 by 27th December. Subsequently, the numbers declined and have recently exhibited a downward trend.

As of this writing, there were 44 new addresses, with the highest count for the year reaching 104. Additionally, there has been a reduction in the number of new addresses in the past few weeks. This was a normal occurrence, given the decrease in new addresses.


New Shibarium accounts

Source: Shibarium

An analysis of the chart revealed that towards the end of the year, there was an uptick in the number of new transactions, reaching around 7 million. However, this figure has since decreased, and as of this writing, it was around 2.6 million.

See also  ETH/BTC ratio nears THIS critical level: Here’s what it means

SHIB burn rate and price declines

Following the launch of Shibarium, an anticipated outcome was an increase in Shiba Inu’s burn rate. The burn rate did experience a surge towards the end of the previous year, but it has recently declined.

As of this writing, the burn rate has decreased by over 60%, and over the last seven days, it has seen a reduction of over 98%. During the previous 24 hours, around 10 million SHIB were burned. Over the last seven days, the total burn was over 130 million.


SHIB/USD price trend

Source: Trading View


 Is your portfolio green? Check out the SHIB Profit Calculator


Furthermore, an examination of the daily timeframe chart showed that Shiba Inu has struggled to recover after the general decline observed in most assets on 12th January. By the close of trading on 18th January, SHIB had incurred a loss of over 3%.

As of this writing, it was trading with a slight increase of around 0.3%. The Relative Strength Index (RSI) also indicated it was currently in a bear trend.

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  • Shibarium is set to hit a transaction milestone.
  • Shiba Inu’s burn rate has decreased in the past seven days.

Despite the progress, the Shiba Inu [SHIB] Shibarium is approaching a significant milestone. Still, certain essential metrics indicate a lack of new participants and transactions.

Shibarium nears key milestones

An examination of Shibarium’s data showed that the Shiba Inu platform was approaching a noteworthy transaction milestone. The transaction chart analysis showed that the total number of completed transactions on the network was over 292.5 million. 

See also  Ethereum Could See A Steep Decline If It Closes Below This Level

Analyzing the cumulative transaction trend between 17th and 18th  January, it was observed that over 2.6 million transactions were recorded during this period.

As of this writing, more than 140,000 additional transactions have been added. Projecting this trajectory, the platform is on track to reach the 300 million transaction mark soon.

New entrants decline on Shibarium 

Towards the conclusion of last year, the count of new accounts on Shibarium experienced a rise, peaking at over 1,100 by 27th December. Subsequently, the numbers declined and have recently exhibited a downward trend.

As of this writing, there were 44 new addresses, with the highest count for the year reaching 104. Additionally, there has been a reduction in the number of new addresses in the past few weeks. This was a normal occurrence, given the decrease in new addresses.


New Shibarium accounts

Source: Shibarium

An analysis of the chart revealed that towards the end of the year, there was an uptick in the number of new transactions, reaching around 7 million. However, this figure has since decreased, and as of this writing, it was around 2.6 million.

SHIB burn rate and price declines

Following the launch of Shibarium, an anticipated outcome was an increase in Shiba Inu’s burn rate. The burn rate did experience a surge towards the end of the previous year, but it has recently declined.

As of this writing, the burn rate has decreased by over 60%, and over the last seven days, it has seen a reduction of over 98%. During the previous 24 hours, around 10 million SHIB were burned. Over the last seven days, the total burn was over 130 million.


SHIB/USD price trend

Source: Trading View


 Is your portfolio green? Check out the SHIB Profit Calculator

See also  Why Ethereum's rally might end sooner than expected 

Furthermore, an examination of the daily timeframe chart showed that Shiba Inu has struggled to recover after the general decline observed in most assets on 12th January. By the close of trading on 18th January, SHIB had incurred a loss of over 3%.

As of this writing, it was trading with a slight increase of around 0.3%. The Relative Strength Index (RSI) also indicated it was currently in a bear trend.

Tags: DeclineFacesMilestoneNEARsSHIBShibarium

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Shiba Inu Holds Strong Near Support With Weekly $270 Million Whale Transactions: What’s Next For SHIB Price?

Shiba Inu Holds Strong Near Support With Weekly $270 Million Whale Transactions: What’s Next For SHIB Price?

October 27, 2023
How to Farm Magic Eden’s Diamond Rewards Ahead of NFT Token Airdrop

How to Farm Magic Eden’s Diamond Rewards Ahead of NFT Token Airdrop

February 4, 2024
Bitcoin: Not all participants are bystanders as BTC falls

Bitcoin: Not all participants are bystanders as BTC falls

November 18, 2023
‘MemeFi’ Token Delay, ‘Tomarket’ Reverses Airdrop Bans

‘MemeFi’ Token Delay, ‘Tomarket’ Reverses Airdrop Bans

November 11, 2024

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