The total number of wallets interacting with the Shiba Inu Tier-2 network, Shibarium, crossed the 1 million mark today, less than a week after the main-net bridge started working at its best. However, the SHIB price is moving in line with the market. In this environment, the AI predicts the SHIB price for the end of September.
Shibarium wallets exceed 1 million
As you follow on Kriptokoin.com, the Shibarium bridge faced problems such as transaction delays and temporarily inaccessible funds before re-opening on August 28. However, lead developer Shytoshi Kusama has calmed the community’s fears by stating that its funds are “safe”.
According to Shibarium Scan data, the bridge has witnessed the participation of more than 1 million wallets. These users collectively performed over 783,000 transactions. Thus, the average number of transactions per day was approximately 73,640. Specifically, Blockchain’s total block count currently stands at 421,736.
Shibarium Statistics. Source: Shibarium ScanThese developments are an important sign for the Shiba Inu community.
Despite the increase in transactions, this has not yet translated into a significant increase in total assets locked in the bridge. Currently, this figure stands at a modest level of $1.16 million. DeFillama data shows that the key players in the network are decentralized exchanges, primarily DogSwap and MARSWAP. These platforms account for about $1 million of total TVL.
Meanwhile, the significant increase in wallet addresses and transaction activity marks a notable trend within the Shiba Inu community. This project aims to remove SHIB from being a meme-based token. Accordingly, it promises the potential to be converted into a token with practical utility.
SHIB price struggles despite high burn rate
Increased transaction activity bodes well for both the network and SHIB tokens. Because every transaction results in the burning of Shiba Inu tokens. Recent Shibburn data reveals that 71.45 million tokens have gone to burn wallets in the past 24 hours. This increase underscores the significant impact Shibarium transactions can have in reducing Shiba Inu’s large token supply. Thus, it indicates a remarkable 192% increase in combustion rate compared to the previous day. Notably, around 6 billion tokens were burned in August, which coincided with the launch of Shibarium.
SHIB Price PerformanceShibarium is performing promisingly. However, its associated token Shiba Inu (SHIB) faced significant challenges. Last week, SHIB lost 3.7%. Additionally, the token has experienced a 4.5% drop in value, according to monthly data. Meanwhile, this downward trend in the price of SHIB has been going on for several months.
AI sets Shiba Inu price for late September
The Shiba Inu (SHIB) price performance has shown a stagnant trend in the crypto market in recent weeks. After the re-release of Shibarium, SHIB once again garnered a lot of attention. PricePredictions used artificial intelligence algorithms to determine the potential price trajectory of SHIB in September. Recent forecasts show that SHIB is ready to trade at $0.0000073 on September 30, 2023. These estimates represent a 7.5% drop compared to the current price of SHIB at $0.0000079.
SHIB price forecast for September 30, 2023. Source: PricePredictions
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