TL;DR

Shiba Inu’s layer-2 network has processed over 1.5B transactions. Experts see potential for SHIB price growth if real utility and applications on Shibarium expand. A 150%+ burn rate spike and net exchange outflows suggest reduced supply and lower selling pressure, potentially supporting a rebound.

The Latest Achievement

The total number of transactions processed on Shibarium surpassed 1.5 billion. The addresses that have interacted with the network exceed 267,000, while the total number of blocks has reached almost 12.5 million. 

Shibarium is specifically designed to reduce the transaction fees, improve speed, and enhance scalability within the Shiba Inu ecosystem. As such, some experts believe its progress can have a boosting effect on the price of SHIB. An example is the Bitcoin advocate Jeremie Davinci, who said:

I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, its a chain that you can actually run all kinds of applications.

However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon.

SHIB Price Outlook

Despite Shibariums milestone, the meme coin remains in the red zone on a daily scale, currently trading at around $0.00001313. 

Some factors, though, suggest the price might head north soon. Shiba Inus burn rate has exploded by over 150%, resulting in roughly 750,000 tokens being sent to a null address. The USD equivalent of the destroyed stash is insignificant, but continuous efforts in that field will make SHIB scarcer and potentially more valuable in time (should demand not decline). 

SHIBs exchange netflow is also worth monitoring. Outflows have surpassed inflows in the past week, meaning investors have shifted from centralized platforms to self-custody methods. This, in turn, reduces the immediate selling pressure.

SHIB Exchange Netflow, Source: CryptoQuant