- The Shibarium network is about to receive ordinals and inscriptions dubbed SRC-20 that are similar to ERC-20 on the Ethereum network and the BRC-20 on Bitcoin.
- The explosive growth of Shibarium has accelerated the SHIB token burn, whereby $70k worth of SHIB was sent to the incinerator last week and three more manual burns are scheduled in the coming days.
Shiba Inu (SHIB), the second largest meme coin by market cap after Dogecoin (DOGE), has grown to a respectable utility ecosystem through the Shibarium layer two scaling solution. The Shiba Inu core developers have convinced dozens of decentralized financial (DeFi) developers to launch their protocols on the Shibarium network, thus the gradual growth in the Total Value Locked (TVL) that stands around $828K at the time of this report.
Worth noting that most of the DeFi protocols on the Shibarium network have focused on decentralized exchanges (DEXs). Moreover, most of the Shiba Inu investors are holders, amounting to about 1.3 million non-zero accounts, swapping between the different ecosystem tokens like BONE and LEASH.
As a result, the Shibarium network has continued to record exponential growth in daily transactions, whereby layer two has been recording an average of 7.5 million daily transactions in the past few days. Interestingly, the scale ballooned last weekend whereby the transactions spiked by a whopping 30 million, thus topping the total count to more than 97 million in only three months. Worth noting that the Shibarium network has a total of 1.3 million addresses and more than 56k total accounts.
More Development Plans for Shibarium Network
The Shiba Inu core developers led by Shytoshi Kusama have continued to improve the Shibarium layer-two network to ensure a competitive edge amid a notable rise in new meme coins like PEPE, BONK, and MEME. Earlier this month, the Shibarium developers announced the Puppynet testnet will be transitioning from the Goerli network to the Sepolia network in a bid to keep up with the changing dynamics of the Ethereum ecosystem.
With the Shibarium transition to the Sepolia network, the Shib team announced several manual token burns geared toward improving the value of the existing tokens. With SHIB tokens worth $70k burned last week, three more burns have been scheduled in the coming weeks. However, an auto-burn mechanism will be introduced in January to ensure high efficiency.
Meanwhile, the Shib team has also promised to allow inscriptions and ordinals on the Shibarium network dubbed SRC-20 soon. Similar to the ERC-20 on the Ethereum network and BRC-20 on the Bitcoin ecosystem, the SRC-20 is expected to increase on-chain activity on the SHIB network after the official launch.
SHIB Price Action
Amid the heightened altcoin volatility, SHIB price has been preparing to break out from a macro consolidation. Moreover, the altcoin has been forming a double bottom backed by a bullish divergence on the weekly Relative Strength Index (RSI). According to our latest market data, SHIB’s price has gained about 6.2 percent in the past four weeks to trade around $0.000009599.
