{"id":552183,"date":"2023-09-20T23:00:44","date_gmt":"2023-09-20T23:00:44","guid":{"rendered":"https:\/\/ktsl888.com\/?p=552183"},"modified":"2024-06-11T07:50:59","modified_gmt":"2024-06-11T07:50:59","slug":"shiba-inu-update-shibarium","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shiba-inu-update-shibarium\/","title":{"rendered":"Shiba Inu Update: 530% Spike In Shibarium Metric Could Trigger SHIB Recovery"},"content":{"rendered":"<p class=\"p2\">Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched <a href=\"https:\/\/bitcoinist.com\/shibarium-metrics-milestones\/\" rel=\"nofollow\">Shibarium network <\/a>whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts.<\/p>\n<h2 class=\"p2\">Verified Contracts On Shibarium Record 530% Spike<\/h2>\n<p class=\"p2\">On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/optimism\/optimism-op-price\/\">This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks<\/a><\/div>\n<h2 class=\"p2\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-552184 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=460&#038;resize=460%2C181\" alt=\"Shiba Inu new contracts\" width=\"460\" height=\"181\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=2930 2930w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-20-at-13.42.23.png?w=1140 1140w\" sizes=\"(max-width: 460px) 100vw, 460px\"><\/h2>\n<pre style=\"text-align: center\">Number of new verified contracts spikes | Source: <a href=\"https:\/\/www.shibariumscan.io\/stats\" rel=\"nofollow\">ShibariumScan<\/a><\/pre>\n<p class=\"p2\">While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday\u2019s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday\u2019s figures.<\/p>\n<p class=\"p2\">This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed <a href=\"https:\/\/bitcoinist.com\/shiba-inu-dev-shibarium\/\" rel=\"nofollow\">transactions<\/a> on the network almost at 2.7 million.<\/p>\n<p class=\"p2\">However, it is not all \u2018up-only\u2019 for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023.<\/p>\n<h2 class=\"p2\">Will This Trigger A Shiba Inu Spike?<\/h2>\n<p class=\"p2\">Shiba Inu plays a significant role in the <a href=\"https:\/\/bitcoinist.com\/shibarium-to-ethereum\/\" rel=\"nofollow\">Shibarium ecosystem<\/a> as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts.<\/p>\n<p class=\"p2\">Usually, for networks that facilitate <a href=\"https:\/\/ktsl888.com\/news\/defi\/coinbase-base-tvl-solana\/\">decentralized finance (DeFi)<\/a> protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/dogecoin\/dogecoin-bitcoin-ethereum\/\">How Much Will Dogecoin Trade At If It Attains The Market Cap Of Bitcoin Or Ethereum?<\/a><\/div>\n<p class=\"p2\">However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its <a href=\"https:\/\/ktsl888.com\/shiba-inu\/shiba-inu-whales-shibarium\/\">Total Value Locked (TVL)<\/a> has also fallen from its all-time high of $1.47 million to <a href=\"https:\/\/defillama.com\/chain\/Shibarium\" rel=\"nofollow\">$600,000<\/a> at the time of writing, suggesting dwindling interest in the network.<\/p>\n<p class=\"p2\">The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin\u2019s price, it could also serve as a lift-off point for the digital asset if the <a href=\"https:\/\/bitcoinist.com\/crypto-volumes-on-a-downward-trajectory\/\" rel=\"nofollow\">crypto market<\/a> were to begin another bull rally.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/RcrthFfF\/\" alt=\"Shiba Inu price chart from Tradingview.com (Shibarium metric)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">SHIB price begins retracement | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SHIBUSDT on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\">Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Times Tabloid, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts. Verified Contracts On Shibarium Record 530% Spike On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday. Related Reading: This New Development Could Stop The Optimism (OP) Price Dead In Its Tracks Number of new verified contracts spikes | Source: ShibariumScan While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday\u2019s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday\u2019s figures. This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed transactions on the network almost at 2.7 million. However, it is not all \u2018up-only\u2019 for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023. Will This Trigger A Shiba Inu Spike? Shiba Inu plays a significant role in the Shibarium ecosystem as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts. Usually, for networks that facilitate decentralized finance (DeFi) protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network. Related Reading: How Much Will Dogecoin Trade At If It Attains The Market Cap Of Bitcoin Or Ethereum? However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its Total Value Locked (TVL) has also fallen from its all-time high of $1.47 million to $600,000 at the time of writing, suggesting dwindling interest in the network. The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin\u2019s price, it could also serve as a lift-off point for the digital asset if the crypto market were to begin another bull rally. SHIB price begins retracement | Source: SHIBUSDT on Tradingview.com Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Times Tabloid, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":552190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,89178,84473,83667,89157,86437,87680,89179,84562,84558],"class_list":["post-552183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibarium","tag-shibarium-news","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\n<title>Shiba Inu Update: 530% Spike In Shibarium Metric Could Trigger SHIB 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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