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Cryptocurrency News Articles
Shiba Inu (SHIB) Moved 35B Tokens to Shibarium, Projects 60% Growth by July 2
Jun 29, 2024 at 09:00 am
In significant news for the Shiba Inu community, a staggering 35 billion SHIB tokens have been moved to Shibarium, the meme project's native Layer 2 network.
Shiba Inu (SHIB) has made significant strides with the integration of its native Layer 2 network, Shibarium, receiving a staggering 35 billion SHIB tokens. This development marks a crucial step in enhancing the token’s utility and scalability within its dedicated blockchain network.
The move highlights the growing adoption and confidence in the Shibarium ecosystem, aiming to provide faster transactions, lower fees, and a more robust infrastructure for SHIB holders and developers.
However, despite the SHIB integration into Shibarium, the token's price has remained largely stagnant. It has dropped to $0.00001767 and has only seen a 1% increase over the last 48 hours. This slow rate of price increase contrasts sharply with its 2021 highs and may have impacted the number of SHIB millionaires.
Data from Into The Block reveals that the number of addresses holding between $1 million and $10 million in SHIB has plateaued at 986. Of these, 909 addresses hold between $1 million and $10 million, while 77 hold more than $10 million in SHIB tokens.
Moreover, Shiba Inu encountered new lows in June, causing a substantial decline in wallets holding a million SHIB. Previously, there were 1,319 millionaire addresses, but the current downturn has reduced this number by 333, leaving many former millionaires below the mark.
Despite these challenges, Shiba Inu is preparing for the launch of Shiba Eternity, which could aid the token in recovering faster than anticipated. Additionally, the layer 2 solution is gaining momentum, as evidenced by a remarkable 400% surge in transaction volume. This development indicates increased interest and engagement with SHIB, even amid declining metrics.
According to data from CoinCodex, Shiba Inu is projected to regain some of its lost value by July 2, with a anticipated 60% surge. The forecast suggests that SHIB could reach $0.00002949, marking a 65.73% increase.
In addition to Shiba Eternity, the memecoin ecosystem is set to launch several new products, including ShibaHub, Shibaswap, and Layer 3 testnet. These new offerings aim to attract more users and stimulate growth within the community.
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