The total number of wallets interacting with the Shiba Inu Layer-2 network Shibarium surpassed the 1 million mark today, less than a week after the main-net bridge became operational. However, the SHIB price moves in line with the market. In this environment, AI predicts the SHIB price for the end of September.
Shibarium wallets exceed 1 million
cryptokoin.com As you follow from , the Shibarium bridge encountered issues such as transaction delays and temporarily inaccessible funds before relaunching on August 28. However, lead developer Shytoshi Kusama allayed the community’s fears by stating that their funds were “safe.”
According to Shibarium Scan data, the bridge has witnessed the participation of more than 1 million wallets. These users collectively processed over 783,000 transactions. Thus, the average number of transactions per day was approximately 73,640. Notably, the 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 on 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 approximately $1 million of total TVL.
Meanwhile, the significant increase in wallet addresses and transaction activity points to a notable trend within the Shiba Inu community. This project aims to transform SHIB from being a meme-based token. In this regard, it promises the potential to transform it into a token with practical utility.
SHIB price struggles despite high burn rate
Increasing transaction activity bodes well for both the network and SHIB tokens. Because every transaction results in the burning of Shiba Inu tokens. Latest Shibburn data reveals that 71.45 million tokens went to burn wallets in the last 24 hours. This increase underscores the significant impact Shibarium transactions can have in reducing Shiba Inu’s vast token supply. Thus, marking a remarkable 192% increase in burn rate compared to the previous day. Notably, around 6 billion tokens were burned in August, coinciding with the launch of Shibarium.
SHIB Price PerformanceShibarium is performing promisingly. However, its associated token, Shiba Inu (SHIB), has faced significant challenges. Last week, SHIB lost 3.7% of its value. Additionally, the token experienced a 4.5% drop in value, according to monthly data. Meanwhile, this downward trend in SHIB’s price has been going on for several months.
Artificial intelligence determined Shiba Inu price for the end of September
Shiba Inu (SHIB) price performance has trended stagnant in the crypto market in recent weeks. Following the re-release of Shibarium, SHIB has once again garnered significant attention. PricePredictions used artificial intelligence algorithms to determine SHIB’s potential price trajectory in September. Latest estimates show SHIB is ready to trade at $0.0000073 on September 30, 2023. These estimates indicate a decline of 7.5% compared to SHIB’s current price of $0.0000079.
SHIB price forecast for September 30, 2023. Source: PricePredictions
