🚀💰 Shiba Inu News You May Have Missed This Week

This week there was a lot of meme currency development in the Shiba Inu (SHIB) ecosystem. These events once again show mixed feelings about the Shiba Inu (SHIB), which could fall further.

Total Locked Value of Shibarium Increased

DeFiLlama data revealed that Shibarium's layer 2 network TVL increased this week, reaching $2.45 million on May 30. The Shiba Inu ecosystem is gaining the trust of investors. This is also good news as Shibarium's TVL decreased after reaching a record of 3.9 million USD in March.

This week, the Shibarium network processed 5 million blocks. Since its inception last year, the layer 2 network has seen strong demand and adoption. More than 4 million transactions and approximately 2 million addresses have been processed by Shibarium.

The Shiba Inu group and the community are worried about the Shibarium network's decreasing daily transactions. The network had fewer than 20,000 daily transactions for most of May, except May 3.

The number of Shiba Inu tokens burned has also decreased due to this. Shibburn reported a 44% decrease in token burns last week.

After adjusting the price of the meme coin, IntoTheBlock estimates that 65 trillion SHIB could be traded. 65 trillion tokens were purchased for 0.000025–000027 USD. Wallet addresses that bought Shiba Inu in this range may sell their tokens lest the price continue to drop, causing its price to plummet.

More than 4 trillion SHIB ($103 million) was transferred to cryptocurrency exchanges in the previous two weeks, putting the Shiba Inu under pressure, the cryptocurrency expert said. The frequent transfer of these tokens to exchanges indicates that holders are selling their token holdings.

The Outstanding History of the Shiba Inu

The official Shiba Inu X account (formerly Twitter) noted that Vitalik Buterin burned 410 trillion SHIB (nearly half of the meme coin's supply) three years ago.

Ryoshi entrusted the Ethereum co-founder with 500 SHIB tokens, including these burned tokens. Vitalik's actions changed the Shiba Inu environment forever.