Shibarium, the Layer 2 blockchain within the Shiba Inu ecosystem, marked its first anniversary in August 2024.
Shytoshi Kusama, the project’s lead figure, commemorated the milestone who shared a celebratory post on X, accompanied by a “Happy Birthday” gif and the hashtag “#Shibarium.”
#shibarium https://t.co/jNaGiPfWuB pic.twitter.com/1HfcygKNa9
— Shytoshi Kusama (@ShytoshiKusama) August 22, 2024
Shibarium’s Growth and Achievements
Over the past year, Shibarium has demonstrated considerable growth. The blockchain has processed over 417 million transactions and supported the creation of more than 1.8 million wallets. These numbers highlight the strong adoption of Shibarium across multiple use cases, such as facilitating smart contracts and enabling NFT transfers.
Among the key advancements in Shibarium’s first year is the reduction of asset withdrawal times. Initially, users faced withdrawal periods of up to seven days. However, ongoing improvements have significantly reduced this time to just 45 minutes. Such enhancements in user experience reflect Shibarium’s commitment to continually refining its services to benefit its growing user base.
Another significant development is the integration of a fiat-on-ramp service. This feature allows users to purchase BONE, one of the tokens within the Shiba Inu ecosystem, directly with credit cards. The introduction of this service simplifies the process of acquiring digital assets on the Shibarium platform, making it more accessible to a broader audience.
Shiba Inu’s Market Performance
The Shiba Inu token (SHIB) has recently experienced a notable performance surge. As of August 23, SHIB’s price reached $0.000015, with a 24-hour trading volume of $183,867,805. This represents a 3.71% increase in the last 24 hours.
Looking at the price chart of SHIB for the 23rd of August it can be seen that the prices of this token were undergoing massive fluctuations. The price at the beginning of the day was relatively stable and then dropped to the level of about $0.00001416 during the early hours. After this, the price started a downward process after hovering at the some amount for a period of time.
However, the later part of the day saw a steady increase in SHIB’s price, culminating in a peak of $0.0000146. This positive trend indicates a strong upward momentum towards the close of the day, reflecting a renewed interest in the token among traders and investors.
Source: CoinMarketCap
The price chart, which includes indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), suggests mixed signals. In March 2024, SHIB experienced a notable price spike, followed by a steep decline. The latest data indicates a slight upward trend, with the price at $0.00001453.
The MACD indicator is low, indicating that the upward/downward movements of the stock/securities are prolonged within some trading sessions. On similar lines, the Relative Strength Index is about 50.96, located at the midline of the scale, which signals that a market, especially the index, is not over-bought or over-sold. Another technical formation of such a structure implies that the market is at an equilibrium level, and the traders are possibly waiting for another trigger to cause more operations.
Source: TradingView
The chart also indicates that SHIB has been sensitive to market sentiment and external factors, leading to periods of high volatility. With the RSI near 50 and the MACD flat, the market may continue its sideways movement unless a strong catalyst emerges to drive the price in a specific direction.
The post Shiba Inu SHIB Price Rises 3.71% as Shibarium Hits 417M Transactions, But Can It Break Resistance? appeared first on Coinfomania.
