Shiba Inu News You Might Have Missed This Week
This week was full of meme currency developments in the Shiba Inu (SHIB) ecosystem. These events again showed conflicting emotions about Shiba Inu (SHIB), which might fall lower.
Shibarium's Total Value Rises Locked
DeFiLlama data reveals that Shibarium's layer-2 network TVL increased this week, reaching at $2.45 million on May 30. The Shiba Inu ecosystem is gaining investor trust. It's also good news as Shibarium's TVL dropped after reaching a record $3.9 million 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 acceptance. Over 4 million transactions and approximately 2 million addresses have been handled by Shibarium.
The Shiba Inu team and community worry about the Shibarium network's declining everyday transactions. The network had less than 20,000 daily transactions most of May, except for May 3.
The amount of Shiba Inu token burns has also decreased due to this. Shibburn reports a 44% decline in token burns in the last week.
After the meme coin's price adjustment, IntoTheBlock estimates that 65 trillion SHIB tokens might be traded. The 65 trillion tokens were acquired for $0.000025–$000027. The wallet addresses that bought Shiba Inu at this range may sell their tokens in fear of a further price drop, driving its price plummeting.
Crypto expert said that over 4 trillion SHIB ($103 million) had been transmitted to crypto exchanges in the previous two weeks, putting Shiba Inu under pressure. The transfer of these tokens to exchanges frequently indicates that holders are selling their holdings.
Shiba Inu History Highlight
Shiba Inu's official X (previously Twitter) account noted that Vitalik Buterin burnt 410 trillion SHIB tokens (nearly half of the meme coin's supply) three years ago.
Ryoshi delivered the Ethereum co-founder 500 SHIB tokens, including these torched tokens. Vitalik's action changed the Shiba Inu environment forever.