On September 25, Shiba Inu’s layer-2 blockchain solution, Shibarium, hit another important milestone. The network has now processed over 7 million blocks. Total transactions are fast approaching the 420 million mark. Shibarium continues to rise, with key metrics reflecting its growth.
New contracts on the network surged by 700% within just a day. The figure spiked from two contracts on September 23 to 16 the next day. Verified contracts and new accounts on Shibarium have also increased significantly. Shibarium, launched in August 2023, was designed to lower transaction fees on the SHIB network. It also supports decentralized applications and enhances scalability within the Shiba Inu ecosystem.
Many industry experts believe this progress could fuel SHIB’s next price rally. Currently, SHIB is trading at $0.00001497, with its value jumping by 14% over the past week. With a market capitalization close to $9 billion, Shiba Inu ranks as the 16th largest cryptocurrency.
Will SHIB’s Rally Continue?
Several indicators suggest that SHIB could see further price increases in the near future. One key factor is the decreasing number of SHIB tokens held on exchanges. Data from CryptoQuant shows that SHIB tokens on exchanges fell to a seven-month low on September 25. Currently, only 141 trillion tokens remain on centralized platforms.
This shift toward self-custody suggests reduced immediate selling pressure. Investors may be moving their tokens off exchanges in preparation for future gains. Another positive sign is the massive increase in SHIB’s burn rate. In the last 24 hours, the burn rate skyrocketed by over 7,000%. Nearly 8 million tokens were sent to a null address, removing them from circulation.
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Although the dollar equivalent of these burned tokens is relatively small, consistent burns reduce SHIB’s circulating supply. Over time, this reduction in supply could help increase SHIB’s value, especially as demand grows. Together, these developments hint at continued momentum for Shiba Inu’s price rally.
