TL;DR

Shibarium has burned $1.5M worth of SHIB and enabled low-cost transactions, boosting ecosystem development. Despite the protocols advancement, SHIB dropped 25% in two weeks amid an overall decline in the meme coin sector.

Shibariums Help

Shiba Inus layer-2 scaling solution officially saw the light of day in August last year. While its ultimate goal is to foster the development of the entire SHIB ecosystem, LUCIE (a prominent member of the meme coins team) recently shed more details on the matter.

They claimed that Shibarium has already made a big impact for Shiba Inu by destroying tokens worth over $1.5 million, thus directly reducing the circulating supply and adding scarcity. The protocol embraced the burning mechanism this summer.

LUCIE added that the L2 blockchain solution has enabled low-cost transactions, allowing trades for pennies and making the meme coin more accessible and practical for everyday use. Lastly, they claimed that Shibarium has built the foundation for future utilities, such as staking and governance systems, which could further strengthen the ecosystem.

Most importantly, Shibarium has solidified $ SHIBs reputation as one of the strongest assets in crypto. The recognition SHIB has received, even from Forbes, wasnt achieved by social media hype, but through the efforts of a dedicated development team that built Shibarium and delivered real progress for the ecosystem, her statement reads. 

SHIB Price Outlook

Shibarium has indeed witnessed serious progress during its relatively short existence. Data shows the network has processed over 675 million transactions, while wallet addresses recently crossed the 2 million milestone. 

The further advancement of the protocol is touted as one of the major factors that could fuel a Shiba Inu rally. However, the self-proclaimed Dogecoin-killer has performed quite poorly in the past two weeks, plummeting by 25%.

SHIB Price, Source: CoinGecko Its downtrend coincides with the overall correction of the cryptocurrency market and a bloodbath that has spread across the meme coin niche. Popular assets that have charted double-digit losses in the last 24 hours include Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), Peanut the Squirrel (PNUT), and many more. 

Those curious to see what other factors might have negatively impacted SHIB in the past several days can take a look at our article here.