Shiba Inu (SHIB) started 2024 with a bang by surging more than 400% in March. Although the price has fallen somewhat since then, investors have little reason to complain.

Many are wondering if the cryptocurrency will experience another parabolic rise. The future is uncertain, and a look at the on-chain data also offers a mixed picture.

Good Shiba Inu news

The network’s Layer-2 (L2), Shibarium, has achieved an impressive milestone by processing more than 5 million blocks since launch. In addition, more than 4 million transactions have been carried out and almost 2 million addresses registered on the network, clearly indicating growing adoption and demand for the network.

The Total Value Locked (TVL) on the L2 also looks promising. On May 30, TVL reached $2.45 million, a significant increase after a previous decline from a record high of $3.9 million in March.

Disappointing figures

On the other hand, we also see less positive figures. The number of daily transactions on Shibarium remained below 20,000 for almost the entire month of May, with the exception of May 3. This decline has also led to a drop in the number of tokens burned, with a 44% decrease in the last seven days according to data from Shibburn.

Furthermore, crypto analyst Ali Martinez suggests that more than 4 trillion SHIB have been sent to crypto exchanges in the past two weeks, which is often a sign that holders are looking to sell their tokens. This could create additional selling pressure in the coming weeks.

Trade €10,000 for free and get a 10 euro bonus

Do you want to enter the crypto world and perhaps buy Shiba Inu or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and Bitvavo, one of the most accessible and user-friendly crypto exchanges in Europe, our readers receive an exclusive offer.

Create an account with Bitvavo via the button below and receive a welcome gift of 10 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!


Leave a Reply

Your email address will not be published. Required fields are marked *