Shibarium Approaches 6 Million Blocks: Can SHIB Price Rebound to $0,0001?

• Shibarium is nearing 6 million total blocks, with current block production at 5,929,347.
• The Shibarium network has recently integrated with ShibaSwap, improving transaction speed and user experience.

Shibarium is approaching a significant milestone, aiming to reach 6 million total blocks. Currently, the Ethereum layer-2 network has generated 5,949,492 blocks, marking a new phase in its development journey according to shibariumscan. This achievement highlights Shibarium’s growing stability and utility within the cryptocurrency community.

Shibarium was introduced in August of the previous year and there were doubts about the platform’s success. The network faced a critical technical problem a few days after its launch which made it cease all operations for some time. However, the Shibarium project did not have a smooth launch as the network suffered from low activity and low demand after the initial launch.

After solving the initial problems Shibarium has been operating smoothly, and the platform can handle around seven million transactions daily without crashes. This consistent block production reflects the growing adoption of the protocol by its users. 

ShibaSwap Integration Enhances User Experience

Shibarium has recently experienced a boost due to its connection with ShibaSwap. This integration has made the on-chain transactions faster and easier for users, hence improving the user experience. 

The excitement around Shibarium reaching the six-million-block milestone has boosted the morale among the community. While the exact timeline for achieving this milestone is still unknown, the network’s steady performance and growing usage show potential. 

Shiba Inu (SHIB) has faced a challenging week, underperforming compared to other major cryptocurrencies. Over the past seven days, SHIB has experienced a significant decline of 6.14%. In the last 24 hours alone, the token has fallen by an additional 5.47%, trading at $0.00001632.

Despite the recent downturn, SHIB retains a substantial market cap of approximately $9.26 billion, positioning it as one of the top-valued cryptocurrencies. However, trading volumes have surged by over 25%, reaching $324.41 million in the last day, indicating active market engagement despite price drops.

One of the major reasons behind SHIB’s recent suffering is the drop in several critical Shibarium parameters. Shibarium, the L2 blockchain network linked to Shiba Inu, has witnessed reduced user activity, transaction traffic, and other metrics. This has led to the absence of a bullish trend in the price of the token to some extent. 

Shibarium Activity Metrics Show Concerning Trends

However, recent data from Shibariumscan shows a lack of significant activity in the past few days. The number of active accounts on the network has dramatically declined, dropping from 667 on July 21 to just 96 at the time of writing. This represents a substantial 83% decrease in active accounts within two days.

Additionally, the number of new transactions on the layer-2 network has plummeted sharply, falling from 6,353 on July 21 to only 1903 in the last 24 hours.

On the other hand, some SHIB bulls are working behind the scenes to resume an upward price trajectory. Notably, burn statistics reveal a dramatic increase in SHIB burns, surging by 428.88% in the past 24 hours alone, with 60 million SHIB tokens sent to dead wallets.

This increased burning activity is an effort to reduce the circulating supply, which could positively impact SHIB’s price in the long term.