TL;DR

Shibarium has processed over 7 million blocks, signaling growth in the Shiba Inu ecosystem. SHIBs price has risen 14% weekly, supported by reduced supply on exchanges and a sharp increase in token burns.

Making the Headlines Again

Shiba Inus layer-2 blockchain solution Shibarium took center stage today (September 25) due to reaching yet another important target. Data shows that the network has processed over 7 million blocks, whereas the number of total transactions is inching toward the 420 million mark. 

The L2 witnessed the rise of other essential metrics. New contracts spiked from only two on September 23 to 16 the following day (a 700% increase). New verified contracts and new accounts have also recorded a substantial surge.  

Shibarium officially saw the light of day in August 2023. It is specifically designed to reduce the fees associated with transactions on the SHIB network, support decentralized applications projects in the Shiba Inu ecosystem, and enhance scalability. For more updates on the ecosystem, make sure to check out our Shibarium news.

According to some industry participants, its further progress could play a vital role in a potential price rally for the meme coin. SHIB is well in the green, with its valuation jumping by 14% on a weekly scale and currently trading at around $0.00001497. Its market capitalization is just south of $9 billion, making it the 16th-biggest cryptocurrency.

SHIB Price, Source: CoinGecko

The Rally is Nowhere Near Its End?

One important on-chain indicator signaling that SHIBs price could experience a further uptick in the near future is the decreasing amount of tokens on cryptocurrency exchanges.

According to CryptoQuant, the figure fell to a seven-month low on September 25, with approximately 141 trillion coins held on such platforms. 

The development could be interpreted as a shift from centralized exchanges toward self-custody methods and indicates diminished immediate selling pressure.

Another factor is the Shiba Inu burn rate, which skyrocketed by over 7,000% in the past 24 hours, resulting in almost 8 million tokens being sent to a null address.

The USD equivalent might be insignificant, but continuous efforts in that field can have a positive impact on the SHIB value by reducing the circulating supply.