Shiba Inu’s Shibarium Blasts Through Another Huge Milestone

TL;DR

• Shibarium has processed over 800M transactions, while the network wallets are beyond two million. Previously, it launched updates for faster blocks and token burning.
• SHIB’s oversold levels and reduced selling pressure hint at potential recovery despite recent underperformance.

Shibarium Keeps Advancing

Shiba Inu’s ecosystem expanded substantially in August 2023 when the layer-2 scaling solution – Shibarium – officially saw the light of day. The protocol’s primary goals are to reduce transaction costs, enhance scalability, and improve speed. 

During its relatively short existence, Shibarium hit numerous milestones, showcasing its rapid progress. Most recently, the number of total transactions processed on the network surpassed 800 million. 

Other Shibarium-related metrics have also surged lately. The total number of wallet addresses crossed two million, whereas total blocks are inching away from the nine million mark. 

Over the past several months, Shibarium underwent important developments, such as launching a new user interface (UI) update that improves compatibility with popular self-custody wallets. 

It also introduced an update through a hard fork to implement quicker block processing times and adopted a burning mechanism. The latter differs from the original program but has the same goal: to reduce the tremendous supply of Shiba Inu tokens, thus potentially making them more valuable (assuming demand doesn’t head south). 

SHIB Price Outlook

Shibarium’s progress is often touted as one of the elements that could contribute to a SHIB rally. However, the price of the meme coin has underperformed, dropping by 1.5% on a 24-hour scale.

This contrasts the overall resurgence of the cryptocurrency market, where Bitcoin (BTC) briefly exceeded $97,000, while Ripple (XRP) reached a seven-year high of almost $2.90.

On the other hand, some factors suggest that SHIB could soon catch up with the rest of the sector. For instance, the Relative Strength Index (RSI) recently plunged below the bullish zone of 30. This indicates that the asset is oversold and undervalued and could present a buying opportunity. 

SHIB’s exchange netflow is also worth mentioning. Over the last seven days, outflows have significantly surpassed inflows (according to CryptoQuant’s data), signaling a shift from centralized platforms toward private wallets. This could be considered bullish since it reduces the immediate selling pressure.