The meme coin SHIB has a special place in the world of cryptocurrencies. You remember the unique mobility in 2021. Almost everyone had a Shiba Inu adoration. The rapid decline of zeros to the left is still vivid in our memories. There has been an important development for the popular meme coin today. Let’s have a look at the details.
A new record for meme coin
Meme coin Shiba Inu Shibarium testnet soars with record transactions, while SHIB’s token burn rate is falling. The price trend is giving bearish signals. Active addresses, however, indicate increased interest. Shiba Inu’s Shibarium testnet experienced significant growth with record transactions and wallet addresses. SHIB showed a bearish trend. However, active addresses showed a slight upward momentum.
The meme coin Shiba Inu Shibarium testnet has been experiencing a lot of activity lately. At the time of this writing, an impressive 12.8 million transactions have been made. The figure is rapidly approaching the 13 million mark. Also, the number of wallet addresses on the platform has exceeded 16 million. Despite the initial volatile situation, this development demonstrates the remarkable growth of the Layer 2 (L2) solution.
Also, recent reports showed that the mainnet launch is underway and bringing additional features. As Kriptokoin.com, we have mentioned before, the exact date of the launch remains uncertain. Signs indicate that the launch will take place in the third quarter of this year. The anticipation continues to rise for the mainnet version, which promises further progress for the Shibarium ecosystem. This is an important monitoring tool for the meme coin.
Shiba Inu burn rate drops
Despite the significant increase in transactions and wallets in Shibarium, the current burn rate of the Shiba Inu did not reflect this growth. Recent data from Shibburn revealed a 22% decrease in burn rate over the past 24 hours. At the time of this writing, approximately 19 million SHIB tokens had been burned. In addition, the total burn from the initial supply has exceeded 410 trillion meme coin SHIB tokens. Also, Shibburns data shows that approximately 14 trillion SHIB tokens are currently staked out of the over 574 trillion circulating supply.
The Relative Strength Index (RSI) line on the daily timeframe chart reveals a distinct bearish trend for the meme coin SHIB. The RSI line is below the neutral line. Accordingly, this has recorded a weak move and a value below 35 for SHIB, which indicates a trend. At the time of writing, SHIB is down less than 1% at $0.000008.
According to Santiment, there is no significant change in the active addresses metric for the meme coin SHIB. However, the seven-day active addresses metric has shown a slight upward trend at the time of writing. The number of active addresses exceeded 19,000, showing a positive momentum in activities.
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