{"id":568034,"date":"2024-01-04T13:00:32","date_gmt":"2024-01-04T13:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=568034"},"modified":"2024-06-11T07:08:02","modified_gmt":"2024-06-11T07:08:02","slug":"shibarium-shiba-inu-price-wobbles","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shibarium-shiba-inu-price-wobbles\/","title":{"rendered":"Shibarium Transactions Crash Almost 50%, Shiba Inu Price Wobbles"},"content":{"rendered":"

The Shiba Inu layer-2 network Shibarium<\/span><\/a> enjoyed significant success at the end of 2023, crossing several milestones in the process. However, the network looks to be experiencing a cooling-off period following a significant drop in the number of transactions. <\/span>Shiba Inu (SHIB)<\/span><\/a> also looks to be affected by this development following a notable decline in its price.\u00a0<\/span><\/p>\n

Daily Transactions On Shibarium Drop By Almost 50%<\/h2>\n

Data<\/span><\/a> from the Shibarium explorer shows that daily transactions on the network have significantly dropped since the new year began. Only just over 4 million transactions were processed on both January 2 and 3. This decline is notable because Shibarium was averaging over 7 million transactions for most of December last year.\u00a0<\/span><\/p>\n

Related Reading: Crypto Pundit Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling?<\/a><\/div>\n

December 29 was the last time that Shibarium saw over 7 million daily transactions. Since then, it has been on a downward slope, dropping to 6 million and 5 million on December 30 and 31, respectively.\u00a0<\/span><\/p>\n

It looked like things were going to pick back up as daily transactions on the network rose back to over 6 million on January 1. However, that was not the case, as the downtrend continued the next day.\u00a0<\/span><\/p>\n

The number of daily transactions on the layer-2 network has become more significant since <\/span>Shibarium\u2019s role in SHIB\u2019s growth<\/span><\/a> became apparent. The <\/span>Shibarium team<\/span><\/a> has committed to converting some of the transaction fees made from the network to SHIB and <\/span>burning those tokens<\/span><\/a>. As such, more transactions on the network translates to more SHIB burns.\u00a0<\/span><\/p>\n

These SHIB burns have the potential to positively impact SHIB\u2019s price since the crypto token\u2019s value is likely to increase as more of it gets out of circulation. So far, over 410 trillion SHIB has been sent to <\/span>Shiba Inu\u2019s burn wallet<\/span><\/a>, with Shibarium contributing a huge chunk to that figure.\u00a0<\/span><\/p>\n

\"Shiba<\/p>\n

SHIB price at $0.000009 | Source: SHIBUSD On Tradingview.com<\/a><\/pre>\n
More Attention To BONE Than Shiba Inu?<\/h2>\n
Meanwhile, recent development suggests that the <\/span>Shiba Inu team<\/span><\/a> may be looking to increase BONE\u2019s utility. For some time now, the SHIB token has so far been the center of attention in the Shiba Inu ecosystem. However, the BONE token looks to be joining the mix as <\/span>Shiba Inu\u2019s Marketing Lead, Lucie<\/span><\/a>, has recently turned her attention to <\/span>promoting the Dog coin<\/span><\/a>.\u00a0<\/span><\/p>\n
Related Reading: Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It\u2019s Impossible<\/a><\/div>\n
In an X (formerly Twitter) <\/span>post<\/span><\/a>, Lucie mentioned several projects that were <\/span>set to launch<\/span><\/a> on the layer-2 network and noted how users would need the Dog coin to access these projects. BONE, which was initially created as the native token for ShibaSwap has gone on to enjoy greater utility since Shibarium launched.\u00a0<\/span><\/p>\n
BONE happens to be the gas token for the layer-2 network. Notably, an <\/span>increase in BONE\u2019s price<\/span><\/a> could also affect the SHIB burns since the team gets to acquire and burn more of the meme coin.<\/span><\/p>\n
At the time of writing, SHIB is trading at around $0.000009574, down over 9% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from Watcher Guru, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Shiba Inu layer-2 network Shibarium enjoyed significant success at the end of 2023, crossing several milestones in the process. However, the network looks to be experiencing a cooling-off period following a significant drop in the number of transactions. Shiba Inu (SHIB) also looks to be affected by this development following a notable decline in its price.\u00a0 Daily Transactions On Shibarium Drop By Almost 50% Data from the Shibarium explorer shows that daily transactions on the network have significantly dropped since the new year began. Only just over 4 million transactions were processed on both January 2 and 3. This decline is notable because Shibarium was averaging over 7 million transactions for most of December last year.\u00a0 Related Reading: Crypto Pundit Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling? December 29 was the last time that Shibarium saw over 7 million daily transactions. Since then, it has been on a downward slope, dropping to 6 million and 5 million on December 30 and 31, respectively.\u00a0 It looked like things were going to pick back up as daily transactions on the network rose back to over 6 million on January 1. However, that was not the case, as the downtrend continued the next day.\u00a0 The number of daily transactions on the layer-2 network has become more significant since Shibarium\u2019s role in SHIB\u2019s growth became apparent. The Shibarium team has committed to converting some of the transaction fees made from the network to SHIB and burning those tokens. As such, more transactions on the network translates to more SHIB burns.\u00a0 These SHIB burns have the potential to positively impact SHIB\u2019s price since the crypto token\u2019s value is likely to increase as more of it gets out of circulation. So far, over 410 trillion SHIB has been sent to Shiba Inu\u2019s burn wallet, with Shibarium contributing a huge chunk to that figure.\u00a0 SHIB price at $0.000009 | Source: SHIBUSD On Tradingview.com More Attention To BONE Than Shiba Inu? Meanwhile, recent development suggests that the Shiba Inu team may be looking to increase BONE\u2019s utility. For some time now, the SHIB token has so far been the center of attention in the Shiba Inu ecosystem. However, the BONE token looks to be joining the mix as Shiba Inu\u2019s Marketing Lead, Lucie, has recently turned her attention to promoting the Dog coin.\u00a0 Related Reading: Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It\u2019s Impossible In an X (formerly Twitter) post, Lucie mentioned several projects that were set to launch on the layer-2 network and noted how users would need the Dog coin to access these projects. BONE, which was initially created as the native token for ShibaSwap has gone on to enjoy greater utility since Shibarium launched.\u00a0 BONE happens to be the gas token for the layer-2 network. Notably, an increase in BONE\u2019s price could also affect the SHIB burns since the team gets to acquire and burn more of the meme coin. At the time of writing, SHIB is trading at around $0.000009574, down over 9% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Watcher Guru, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":568049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,89178,84473,83667,89157,86437,87680,89179,84562,84558],"class_list":["post-568034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibarium","tag-shibarium-news","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShibarium Transactions Crash Almost 50%, Shiba Inu Price Wobbles<\/title>\n<meta name=\"description\" content=\"The 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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