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- Shibarium, Shiba Inu’s Layer 2 chain, hit a three-month high in contract deployments, showing growing confidence among developers.
- On-chain metrics suggest SHIB may be undervalued, with indicators pointing to a possible price rebound.
The Shiba Inu (SHIB) ecosystem’s Layer 2 chain, Shibarium, has reached a notable milestone by recording the highest number of contracts deployed in three months. This development signals growing confidence among developers and users, contributing to a positive outlook for the SHIB meme coin.
Shibarium is an Ethereum scaling solution within the Shiba Inu ecosystem, which has recorded a three-month high in contract deployments. According to the data obtained from Shibariumscan, 34 contracts were deployed on September 5, which is only one less than the 36 contracts deployed in July. This increase comes after the launch of a developer toolkit less than two weeks ago through which more projects were encouraged to develop on Shibarium.
The increase in the number of contracts shows that more projects are being developed on Shibarium, which is a sign that more people are confident in the platform. This milestone, posted by Shiba Inu’s marketing executive on social media, indicates the ecosystem’s ongoing expansion even in the light of current market volatilities.
Shibarium Experiences Surge in Developer Interest
Additionally, there has been an increase in the number of developers working on the Shiba Inu network, especially the Shibarium blockchain. On Monday, Lucie , Shib’s marketing lead of posted on X that Shibarium had a one-month high in deployed contracts. This increase can be attributed to the increasing curiosity of developers in developing the Shiba Inu blockchain.
Lucie’s update is a positive sign for the project, as more development activity generally means more value for blockchain networks. The project’s team continues to emphasize long-term growth, focusing on creating a strong infrastructure rather than mere speculation around token prices.
Shibarium and Shiba Eternity Update
Shibarium approached a 3-month high in deployed contracts, showing strong developer activity.
Shiba Eternity Build Update Highlights:
•Tournaments: New leaderboards and rewards system.
•Bug Fixes: Issues with freezing, loading screens,… pic.twitter.com/ekQg7gELrk— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 9, 2024
Besides Shibarium, Shiba Inu’s play-to-earn game, Shiba Eternity has also undergone some remarkable enhancements. The recent updates consist of new tournament features, bug fixes, and performance improvements, indicating the dedication of the team. These updates prove that this project is not limited to the price of the SHIB tokens but instead aims to create a vibrant community.
Shiba Inu’s innovative approach has caught the attention of prominent figures in the cryptocurrency industry. Recently, TRON founder Justin Sun stated that the project’s tokenomics, particularly in terms of its burning mechanism, is something other projects should follow. Sun explained the benefits of burning liquidity pool tokens, such as deepening liquidity and making it more beneficial for regulators.
On-Chain Metrics Signal a Bullish Outlook
The following on-chain metrics indicate that Shiba Inu has the potential to rise further. The Market Value to Realized Value (MVRV) ratio, a tool used to determine if an asset is undervalued or overvalued, stands at -2. 067% for SHIB. This shows that meme coins remain undervalued, opening doors for price revival in the near future.
Moreover, the Network Realized Profit/Loss (NPL) indicates that SHIB holders have been in the red since July 2024. Negative spikes are usually followed by a capitulation, but such price action often results in a price rebound which supports the bullish prospects of SHIB. At the time of writing, SHIB was trading at $0.00001347, experiencing a 3.02% increase over the last 24 hours.
