On the biggest cryptocurrency trading platform in the world, Shiba Inu (SHIB), a rival of Dogecoin (DOGE), is the top trending coin, closely followed by one of its biggest rivals.

The most popular cryptocurrency over the past seven days is Shiba Inu, followed by Floki Inu (FLOKI), another quickly rising meme coin that was initially created by tech tycoon Elon Musk.

Bone ShibaSwap (BONE), the native token of the Shiba Inu decentralized exchange (DEX), and Shibarium, the much anticipated layer-2 project for the Shiba Inu ecosystem, are both included on the list.

According to the exchange, Shiba Inu's trade page received the fourth-most visits on Binance in the previous month.

The FLOKI ecosystem has been humming in the wake of a vote to burn 5 trillion tokens, or about half its supply, while the Shiba Inu community waits for Shibarium.

A revised annual roadmap has also been made public by the team.

Even after a decline from recent highs, FLOKI has outperformed the rest of the cryptocurrency markets by a significant margin since opening in 2023. It has increased by 520% from January 1.

SHIB is currently trading at $0.000012, up 52% since January 1st and down 6% from the previous week.

#Binance #SHIB #floki #shibarmy

Shibburn reports that over 3.26 billion Shiba Inu tokens were burned in April 2023 across 125 transactions. These figures are lower than the total SHIB burns in March 2023, which was 6.78 billion SHIB tokens burned through 540 transactions.

The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “burn address.” This address is a designated address created to hold the tokens to be burned permanently.

The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. Notably, a token’s scarcity sees demand higher than supply leading to a boost in price. Despite the high number of token burns, SHIB’s price is still declining.

Koyo Retains Top SHIB Burner Status From March 2023

Koyo (KYO) retains its top SHIB burner status for a second consecutive month burning a whopping 2.59 billion tokens. It burnt 6.15 billion SHIB tokens in March 2023 through multiple transactions.

The largest of its burn transactions in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Also, Koyo burned another 794.85 million tokens on March 28.

Koyo continued its aggressive burn rate in April 2023, sending 1.10 billion SHIB to the dead wallet on April 9. Also, Koyo followed up with another massive burn event on April 14, burning 1.49 billion SHIB tokens. 

The current price slump could be a temporary pullback due to the recent market downtrend. One thing that could change the trajectory of the price is the Shibarium upgrade, which is yet to be announced.

Shiba Archives said a top SHIB developer claimed the Shibarium upgrade would be here before May. However, the developer did not specify the year or give further information.

Notably, some SHIB community members reacted to the reduced burn rates in April 2023. A Twitter user, Macguy, stated that the developers don’t want to listen to the SHIB community‘s calls for more burns. He believes the burns are slow and dragged on purpose, announcing that he did his part by burning 10 million SHIB tokens. 

Shiba Inu Price Analysis

SHIB is in a downtrend today, dropping below its support level of $0.0000102. Also, it is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

SHIB’s resistance levels are $0.0000118, $0.000012, and $0.0000113 as it is currently trading at $0.00000996. The Relative Strength Index (RSI) is at 36.26 and descending into the oversold region of 30. 

SHIB will likely experience further price decline in the coming days. However, the $0.00000973 support will prove critical and can act as a price pivot for a recovery.

#Binance #SHIB #shibainu #shibarium #shibarmy

Shiba Inu layer-2 scaling solution Shibarium’s public beta is live in testnet form, dubbed puppynet. 

When Shibarium beta test is complete, the platform will open the ecosystem to custom tokens that can be traded using BONE to pay gas fees. 

Shiba Inu price made a comeback above the $0.00001034 level since lead developer Shytoshi Kusama’s announcement. 

Shytoshi Kusama, the lead developer of the second largest meme coin by market capitalization announced the launch of the public beta of the layer-2 scaling solution. Shiba Inu price started a recovery post the announcement of Shibarium’s launch. 

Shiba Inu scaling solution Shibarium public beta is live

Shiba Inu community’s long-awaited layer-2 scaling solution Shibarium’s public beta is live now. Lead developer Shytoshi Kusama announced the launch of the testnet for early users. 

The early beta testnet is called the puppynet and Kusama describes the scaling solution as a layer-2 blockchain that allows anyone to build dApps, integrate into in-real life businesses, and power projects with it. Shibarium is low cost, burns SHIB in the process, and is being adjusted as the beta test continues over the next few months.

Kusama shared a few key pointers with the SHIB army in the official blog post. Since SHIB token burn depends on the transactions in the network, the community can refer to the burnt SHIB chart on the burn portal. This is a part of the beta test for the scaling solution. 

All tokens on puppynet are NOT REAL. Kusama warned users against using their Shiba inu on the tokens. Since projects can apply to be part of the testnet, the lead developer was candid in stating that many projects may not survive and users should Do Your Own Research (DYOR). 

Shibarium testenet launch: Will it catalyze SHIB recovery or is it a sell-the-news event?

Following the announcement of the public beta, Shiba Inu price made a comeback above the $0.00001034 level, wiping out its recent losses. The meme coin has bullish potential and SHIB could begin its recovery. However, there are a large number of factors influencing crypto prices and sentiment among holders, including but not limited to the Silicon Valley Bank collapse, Silvergate FUD and inflationary pressures. 

#SHIB #shibainu #shibarium #shibarmy #koinmilyoner