- Shiba Inu (SHIB) faced various reactions due to the increasing delays in the launch of Shibarium layer 2.
- Santiment’s report sheds light on significant network growth in the Shiba Inu ecosystem, including tokens like BONE and LEASH.
- An interesting trend in Shiba Inu’s appearance is the significant decrease in supply on exchanges throughout the year.
Shiba Inu is experiencing a decline following the delays in Shibarium, but according to data on the network, activities are increasing and the supply of SHIB on exchanges is decreasing.
Increase in Participation in Shiba Inu
As the second-largest memecoin in terms of market value and global community, Shiba Inu (SHIB) faced various reactions due to the increasing delays in the launch of Shibarium layer 2. The price of Shiba Inu, currently trading around $0.00000725, has experienced a decline of approximately 48% since February of this year.
However, despite this price decline, a report prepared by Santiment reveals that Shiba Inu is responsible for the highest transaction fees on Wednesday, indicating a significant increase in memecoin activity.
Santiment’s report sheds light on significant network growth in the Shiba Inu ecosystem, including tokens like BONE and LEASH. The daily average of new Shiba Inu addresses created in the past month exceeds 2,500, highlighting the increased interest and participation in the memecoin community.
An interesting trend in Shiba Inu’s appearance is the significant decrease in supply on exchanges throughout the year. In fact, the current supply level is the lowest since 2022. This decrease in SHIB supply indicates an increase in demand from investors who prefer self-custody options. It reflects a shift towards increased control over Shiba Inu assets.
Market at a Critical Stage
With a market value of $7.5 billion, Shiba Inu finds itself at a critical intersection subject to different market perspectives. On one hand, the increase in on-chain activity can be interpreted as a sign of the end of a phase and indicates saturation in the memecoin market. Santiment argues that focusing on SHIB may imply market saturation or a possible future decline.
On the other hand, the increasing on-chain activity in Shiba Inu may indicate a awakening interest and could lead to a price rally in the coming weeks. The increased participation and interest in the Shiba Inu community can be a catalyst that triggers renewed investor enthusiasm and optimism.
