Shibarium’s Activity Surge: Wallet Growth And Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu?
30 December 2023 - 4:30AM
NEWSBTC
Shibarium, the Layer-2 blockchain linked to the widely recognized
meme coin Shiba Inu, is making notable strides. Recent data
indicates a significant uptick in user engagement, marked by a
substantial increase in both transactions and wallet growth. The
Shibariumscan explorer reveals that daily transaction volume on
Shibarium has reached roughly 7.84 million, reflecting a steady
climb since the beginning of the month. This uptrend in activity
has propelled the total transactions on the platform to 212
million, accompanied by the connection of over 1.3 million
Shibarium wallets, signifying a growing network of users. Related
Reading: Shiba Inu Whale Moves $45 Million In SHIB, Bullish?
Shibarium’s Dynamic December: Wallet Growth Meets Fluctuating User
Activity Despite the notable growth in wallets, there has been a
contrasting trend in active user numbers. While the account numbers
have swelled in December, active user engagement experienced a
downturn during the same period. However, a slight rebound in
active users was observed on December 27, hinting at a potential
revival in participation. Particularly, Shibarium’s active users
surged from a low of 1,878 as of December 23 to an high of 2,802 on
the 27th. This pattern of fluctuating user activity, juxtaposed
with the consistent increase in wallet numbers, paints a complex
picture of Shibarium’s current ecosystem dynamics. Alongside
Shibarium’s transactional growth, the Shiba Inu community has
intensified its efforts in token incineration, aiming to reduce the
circulating supply of SHIB tokens and potentially boost their
value. The burn tracker Shibburn reports a 17.59% increase in the
daily burn rate, with 13.7 million SHIB tokens recently burned. So
far, December has witnessed the burning of roughly 24 billion Shiba
Inu tokens, underscoring the community’s commitment to reducing
SHIB’s supply. This consistent burning strategy is central to the
community’s long-term goal of fostering token value growth through
supply reduction. Shiba Inu Market Resilience Amid Security
Warnings Meanwhile, Shiba Inu has thrived to continue its
month-long bullishness. Despite a 1% decline in the past week, the
asset currently shows an upward trajectory increasing by 0.8% in
the past 24 hours, with a market price of $0.00001047, at the time
of writing. In the midst of these developments, the ShibArmy Scam
Alerts account on X has raised concerns about the prevalent issue
of security in the crypto domain, particularly focusing on
Shibarium. The account underscores the risks posed by fraudulent
projects that exploit inexperienced investors through deceptive
advertising. Related Reading: Shiba Inu Climbs 12% On Christmas Day
– Brewing Bull Run Or False Dawn? Emphasizing the importance of
being well-informed, the ShibArmy Scam Alerts advises thorough
research, including scrutinizing white papers, understanding the
fundamentals of the asset, and verifying the authenticity of the
development team. In #Shibarium, part of addressing the most
significant issue in crypto right now—scams—means prioritizing
safety in all aspects. If we put aside the obvious rugged pulls and
phishing links, let’s talk about being deceived by false
advertising. How not to be deceived? It’s by…
pic.twitter.com/g1RqJDgkId — Shibarmy Scam Alerts (@susbarium)
December 29, 2023 The account also suggests examining media
coverage and ensuring active, genuine community engagement on
platforms like Discord and Telegram. This comprehensive approach to
due diligence is crucial for navigating the crypto space safely and
avoiding falling prey to sophisticated scams. Featured image from
Unspash, Chart from Tradingview
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