Shiba Inu (SHIB) continues to capture the attention of investors as its supply on cryptocurrency exchanges experiences a decline. According to Santiment, as of December 12, SHIB's exchange supply has reduced to 7.58%, down from 9% in June. This decrease is perceived as a positive signal for the memecoin's value, as it alleviates immediate selling pressure.
In conjunction with this favorable development, Shiba Inu's layer-2 solution, Shibarium, has achieved a milestone of nearly 100 million transactions and over 2 million total blocks. Shibarium's goal is to position Shiba Inu as a frontrunner in the memecoin arena by enhancing transaction speed and reducing fees.
Adding to the optimism, the social media analytics tool LunarCrush has acknowledged Shiba Inu for possessing the most dedicated community among memecoins, surpassing the likes of Dogecoin and Bonk Inu. This recognition further solidifies Shiba Inu's standing in the memecoin space.
