The Shiba Inu community is in high spirits as Shibarium, its Layer-2 scaling solution, achieves a significant feat by processing over 412 million transactions. This milestone demonstrates the increasing adoption and functionality of Shibarium and reflects the robust growth and enthusiasm within the Shiba Inu ecosystem.
Adding to the excitement, BlueBit, a centralized exchange based in Dubai and Saint Vincent, has announced a strategic partnership with the SHIB community.
This collaboration is expected to strengthen the relationship between the SHIB and Sparrows communities, paving the way for new achievements together.
Shibarium Transactions Milestone
Shibarium Transactions: Shibariumscan
Since its launch in late August 2023, Shibarium has been on a rapid growth trajectory, surpassing 3.8 million total blocks and processing over 412 million transactions.
According to data from the Shibariumscan explorer, the platform has recorded over 412,407,305 transactions, with total blocks reaching 3,825,223 and wallet addresses totalling 1,383,613. Despite its impressive performance, Shibarium has experienced a slight decline in its daily transaction count, which currently stands at 6,700.
New Partnerships Spark Community Excitement
The new collaboration between BlueBit and the SHIB community marks a significant milestone for both parties. BlueBit has integrated Shibarium into its platform as part of this partnership, providing users with access to a wider range of digital assets and advanced blockchain solutions.
This integration is expected to enhance Shibarium’s visibility and usability, attracting a broader audience of users and investors.
Woof! Big thanks to @Bluebit_io for integrating #Shibarium https://t.co/SBslUfdNpE
— Shib (@Shibtoken) March 22, 2024
With Shibarium’s rapid growth comes an increased focus on security. The Shiba Inu development team has implemented several security measures to address this.
One such measure is the adoption of Fully Homomorphic Encryption (FHE) within Shibarium’s framework, ensuring greater data privacy and security for users. Additionally, the platform embraces a self-sovereign identity (SSI) approach, empowering users with complete control over their data.
Shiba Inu (SHIB) Price Analysis
Shiba Inu experienced a significant price surge, increasing by approximately 300% at the beginning of March and peaking at $0.000045 on March 5. However, following this peak, SHIB’s price declined as holders took yields. This led to a drop in price, with SHIB reaching a low of $0.0000235 on March 16.
Since then, SHIB has been trading in a range, fluctuating between $0.000023 and $0.000030. On-chain data from IntotheBlock supports this price movement, showing that 100.93 trillion SHIB were purchased by 140,030 addresses within this range, with an average price of $0.000026.
In and Out of the Money: IntotheBlock
Looking forward, Shiba Inu is poised to encounter significant resistance from $0.00003 to $0.000037. This range is notable for the acquisition of 29.13 trillion SHIB by 143,770 addresses at an average price of $0.000033. Maintaining within this key range could potentially prevent a 30% decline.
On the other hand, the next support level for SHIB is expected to be between $0.000019 and $0.000023. This range witnessed the purchase of 35.55 trillion SHIB by 47,640 addresses at an average price of $0.000021.
Therefore, Shiba Inu’s ability to sustain the 100 trillion SHIB range could be crucial in avoiding declines to $0.000019, representing nearly a 30% decrease from current levels as bulls highly anticipate the most coveted $0.001 price point.
At the time of writing, SHIB was trading at $0.000027, reflecting a 2.81% drop in the last 24 hours. Shiba Inu remains a topic of interest, particularly in the context of on-chain analytics. Santiment, a leading on-chain analytics firm, has noted that Bitcoin, fiat currencies, and meme coins are the primary focus of traders.
