the Shiba Inu Ecosystem (SHIB). It's been an eventful week with many developments surrounding the meme coin. these Developments Mixed sentiment towards the Shiba Inu (SHIB) has once again been highlighted, with the cryptocurrency token at risk of falling further than its current price level.
Shibarium is seeing a rise in total value locked
Data from DeFiLlama shows that the Total Value Locked (TVL) is on Layer-2 Shibarium mesh The value of the Shiba Inu has soared this week, peaking at $2.45 million on May 30. This indicates growing confidence among investors in the Shiba Inu ecosystem. It also represents a positive development since Shibarium's TVL has declined significantly after rising to a high A record $3.9 million in March.
The Shibarium network also marked a significant milestone this week, passing a milestone 5 million marks In terms of total blocks processed on the network. This highlighted the incredible demand and adoption that the Layer 2 network enjoyed Since its launch last year. Shibarium has also processed over 4 million transactions and has nearly 2 million addresses on the network.
However, it is still a concern Shiba Inu Team and Community In general, daily transactions on the Shibarium network are dwindling. The network recorded daily transactions of less than 20,000 for almost the entire month of May, with May 3 being the only day last month that it was able to record more than 20,000 daily transactions.
This also had a negative impact The Shiba Inu symbol is burningwith the number of tokens burned recently decreasing. Data From copy tracking site Shiburn, it shows a 44% drop in the number of tokens burned in the past seven days.
The price of the Shiba Inu is at risk of a major collapse
Data from IntoTheBlock market intelligence platform It shows that 65 trillion SHIB tokens are at risk of being sold off following the recent meme coin price correction. These 65 trillion tokens were purchased between $0.000025 and $0.000027. the Wallet addresses People who bought a Shiba Inu at this range can sell their tokens for fear of a further price decline, as this selling pressure causes the price of the Shiba Inu to fall.
The Shiba Inu also risks facing great stress Cryptoanalyst Ali Martinez reveal More than 4 trillion SHIB ($103 million) have been sent to cryptocurrency exchanges in the past two weeks. Transferring these tokens to exchanges usually signals that holders are about to offload their holdings in a move that could
An unforgettable moment in Shiba Inu history
The official X (formerly Twitter) account for the Shiba Inu Highlight It's been three years Ethereum co-founder Vitalik Buterin 410 trillion SHIB tokens were burned (nearly half of the total meme coin supply).
These burned tokens formed part of SHIB's 500 tokens Coin founder Mimi Ryoshi It was sent to the co-founder of Ethereum. 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
