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June 29, 2024 by Lipika Deka
In significant news for the Shiba Inu community, a staggering 35 billion SHIB tokens have been moved to Shibarium, the meme project’s native Layer 2 network. This move highlights the growing adoption and confidence in the Shibarium ecosystem, marking a milestone in the project’s journey.
The significant transfer of SHIB tokens underscores the community’s commitment to enhancing the utility and scalability of the Shiba Inu token within its dedicated blockchain network. As Shibarium continues to evolve, it aims to provide faster transactions, lower fees, and more robust infrastructure for SHIB holders and developers.
On the other hand, the price of Shiba Inu has been stagnant in recent times. It has dropped to $0.00001767 and has only increased by 1% in the last 48 hours. This slow rate of price increase is in stark contrast to its 2021 heights and may have affected the number of SHIB millionaires.
According to data from Into The Block, the number of addresses holding between $1 million and $10 million in SHIB has come to a standstill at 986. Of these, 909 addresses hold between $1 million and $10 million, while 77 hold more than $10 million in SHIB tokens.
Furthermore, June saw Shiba Inu hitting new lows, leading to a sharp decline in wallets holding a million SHIB. Previously, there were 1,319 millionaire addresses, but the current downturn has reduced this number by 333, leaving many former millionaires below the mark.
Shiba Inu Projected To Grow 60%
Nevertheless, Shiba Inu is gearing up to release Shiba Eternity, which could help the token recover sooner than expected. Moreover, the layer 2 solution is gaining traction as evidenced by a whopping 400% surge in transaction volume. This development indicates increased interest and engagement with SHIB, even amid declining metrics.
Data from CoinCodex showed that Shiba Inu is expected to regain some of its lost value by July 2, with a projected 60% surge. The forecast suggests that SHIB could reach $0.00002949, representing a 65.73% increase. Besides Shiba Eternity, the memecoin ecosystem is also set to launch several new products, including ShibaHub, Shibaswap, and Layer 3 testnet. These new offerings aim to attract more users and stimulate growth within the community.
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