Development of Shibarium
Talk about the Shiba Inu cryptocurrency getting a second-level blockchain seemed to be no less than once about the transition of Ethereum to Proof-of-Stake (PoS) or its upcoming Shanghai update.
In mid-March, the developers did launch a beta version of Shibarium. They called it PUPPYNET (translated from English as “puppy net”).
So far, this is more of a test and a performance check, nothing more.. The developers themselves say that the tokens in the beta version of the network do not carry anything, so you should not spend your SHIB on them.
But two social media accounts @shibariumnet and @shibariumtech appeared at once. The difference between them, as the developers say, can be noticed as testing continues.. We are hinted that it is better to follow the news.
The beta version has already attracted many interested. At the end of March, according to the Explorer’s Portal, PUPPYNET’s transactions exceeded 1 million, with just over 200,000 unique addresses reaching that number.
At the beginning of April, the maximum number of active addresses in the Shiba Inu network was recorded – more than 35,000. This was announced on Twitter by cryptanalyst Ali Martinez, referring to data from the Santiment portal.
The growth is driven by activity at PUPPYNET.
Thus, we can conclude that interest is gradually awakening in Shiba Inu. And how did this affect the price of the token and what are its prospects?
Technical analysis
March was the first month in 2023 when SHIB quotes fell. If in January the coin added more than 46% in price, and about 1.6% in February, but for the third month a decrease of 9.83% was recorded. The data is based on the Kraken exchange.
At the same time, the situation with Shiba Inu trade volumes is ambiguous. On Bitstamp, monthly volume in March was the highest of the year.
But on Kraken or Coinbase, the opposite is true – in March, the indicator fell. In many ways, this can be explained by the collapse of several American banks that worked with cryptocurrency. Some had services for fast replenishment of accounts on exchanges.
For example, like SEN from Silvergate or Signet from Signature Bank. Now they are gone, and replenishing the wallets of American exchanges has become more problematic.
Coinbase and Kraken are registered in the US. And Bitstamp is based in Luxembourg. Europe was much less affected by banking problems.
At the beginning of April, it cannot be said that Shiba Inu is in some kind of trend. The coin is rather stuck in the flat between the $0.00001017 support and $0.00001169 resistance levels.
If you manage to overcome the first of them down or the second up, then you can talk about the beginning of some kind of movement.. The negative is the fact that the coin is trading below the 50-day moving average.
Capitalization of Shiba Inu as of April 3, 2023 is slightly less than $6.4 billion. According to this indicator, on Monday evening, April 3, the cryptocurrency takes 14th place between Litecoin and TRON.
Fundamentals
The pluses include the fact that more and more exchanges agree to list tokens from the Shiba Inu ecosystem. It speaks of trust in the project..
For example, in early March, it was reported that Delaware-based cryptocurrency exchange Poloniex had listed the Bone governance token.
In addition, Shiba Inu continues to develop its metaverse. The results of the developments of the developers presented at the March SXSW festival, held every year in Austin.
The public was shown what the virtual meme world would look like and had a meditation session at the WAGMI temple (We are All Going to Make It; “We are all going to do it”). The temple is one of 11 planned centers of activity for the SHIB metaverse.
Also a positive factor is the fact that SHIB has a huge, but limited supply of one quadrillion coins.. In addition, they are constantly burned on the platform..
So over the past 24 hours, more than $17 million worth of tokens have been burned.. In 24 hours, the burn rate fell by 20.03%.
In other words, the Shiba Inu ecosystem is actively developing. Now you can’t just say that we have just another meme-coin.
The platform is implementing a second-level blockchain, which will be designed to deploy decentralized applications and integrate into real business.
In March, there was a surge of activity in the network of this cryptocurrency, but it did not lead to an increase in value.. According to technical analysis, Shiba Inu may be interesting to buy, but not at the current price level.
This material and the information in it does not constitute individual or other investment advice.. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.