Shiba Inu Blasts Through Major Milestones But Most Holders are in Red: What About the SHIB Price?

TL;DR

1. Shibarium’s Transaction Increase: Shibarium, Shiba Inu’s layer-2 blockchain, saw daily transactions surge to between 5 and 7.9 million, with total transactions exceeding 80 million.
2. SHIB Price Drops Amid Market Trend: Despite Shibarium’s growth, Shiba Inu’s price fell by 3% recently, mirroring the broader crypto market downturn.
3. Positive Growth Prospects for SHIB: Shiba Inu recorded a 15% rise over two weeks, with analysts like Twitter’s Ali suggesting further growth potential for the memecoin.

Shibarium on Fire

The popular memecoin – Shiba Inu – has recently been in the spotlight thanks to its layer-2 blockchain solution – Shibarium. The network’s daily transactions exploded at the start of December, with their number ranging between 5 million and 7.9 million in the past ten days. The massive uptrend brought the total number of transactions to above 80 million.

This is not the only milestone that the memecoin project has reached lately since total blocks on Shibarium exceeded the 2 million mark (according to Shibariumscan).

The advancement of the L2 scaling solution has been touted as a major factor that could contribute to a SHIB price rally. However, the asset’s price has plunged approximately 3% in the past 24 hours, resonating with the correction of the entire cryptocurrency market. 

The recent decline has affected some SHIB investors. According to IntoTheBlock data, only 23% of Shiba Inu holders are currently sitting on paper profits, while 62% are in the red.

Those willing to dive deeper and learn more about Shibarium’s purposes and specifics could take a look at the video below:

SHIB’s Growth Potential

Despite Shiba Inu’s price decrease in the last 24 hours, the asset has jumped approximately 15% on a two-week basis. One person who noticed the surge is the popular X (Twitter) user Ali.

The analyst highlighted SHIB’s impressive performance in the past three months, claiming it has stayed “relatively quiet during the altcoin season.” Ali also believes “there’s potential for growth ahead” for the memecoin.