Memecoins
A look at the Shiba Inu ecosystem post Shibarium relaunch
Shibarium’s total number of wallets crossed the 60,000 mark, and its total transactions reached 324,049. But it was not all good news.
- SHIB’s price was still reluctant to move up as its daily and weekly charts were red.
- LEASH outperformed the rest, as it was up by 7% over the last week.
Shiba Inu’s [SHIB] Shibarium has accomplished a new feat despite the FUD surrounding it. Within a few days after the block explorer went live again, it was revealed that the network’s wallet addresses grew at a commendable pace. Not only that, but other metrics were also growing steadily. However, SHIB was not responding well, as its daily chart continued to remain red.
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Shibarium is growing steadily
Since the Shibarium launch, there have been multiple misconceptions related to Layer 2, and the most prominent one was that it was down. However, the reality was that it was the block explorer that was down and not the network itself. As reported earlier, this was because Shibarium uses an open-source version of Blockscout and doesn’t use massive servers for it.
Nonetheless, once the explorer went live again, it was revealed that Shibarium’s total number of wallets crossed the 60,000 mark. At press time, the number stood at 62,227 with 322,957 total transactions.
As per Shibariumscan, the network had an average block time of 5 seconds. Despite the rise in total transactions, it was surprising to see a decline in its daily transaction graph.
Source: Shibariumscan.io
Shiba Inu continues to disappoint investors
Though most expected SHIB’s price to surge after the Shibarium launch, the opposite turned out to be true. The memecoin has been witnessing multiple price corrections over the past few weeks. According to CoinMarketCap, SHIB was down by more than 3% in the last seven days. At press time, it was trading at $0.000008125 with a market capitalization of over $4.7 billion.
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SHIB’s on-chain metrics gave a better understanding of what was actually going on. As per CryptoQuant, SHIB’s net deposit on exchanges was high compared to the last seven-day average. This clearly suggested that the token was under selling pressure. Moreover, its active addresses were also low.Whale activity around the memecoin was less, as evident from its whale transaction count and supply held by top addresses, which remained flat. However, thanks to Shibarium, Shiba Inu remained a topic of discussion, as evident from its social volume and weighted sentiment.
Source: Santiment
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
LEASH is stealing the spotlight
While all eyes were on SHIB and Bone ShibaSwap [BONE], the ecosystem’s third token, Doge Killer [LEASH], was silently stalking the cake. The memecoin’s price registered a promising uptick of more than 7% over the last week.
At the time of writing, it was trading at $474.28 with a market cap of $50 million. After a comfortable uptrend, BONE’s price chart turned red as its value sank by nearly 2% in the last 24 hours. At press time, it was trading at $1.38.
