Shiba Inu (SHIB)

The recently launched layer-2 scaling solution of Shiba Inu – Shibarium – continues to gain steam, witnessing transaction growth and achieving new milestones on a regular basis.

In the lines below, we will touch upon the latest development that occurred on the network.

Shibarium Saw a 530% Increase in Newly Verified Contracts

According to Shibariumscan data, the total number of newly verified contracts has skyrocketed by approximately 533% in a matter of 24 hours. Such contracts were only 3 on September 17, whereas the figure rose to 19 the following day.

In addition, verified contracts growth has tapped 416. In comparison, that number was only 55 at the start of September.

The L2 scaling solution, which went live at the end of August, was met with huge enthusiasm from the crypto community. The overall number of wallets on the network surpassed the 1 million mark approximately two weeks ago, with the figure currently standing at 1,247,000 million.

Total transactions on Shibarium are approaching the 3 million milestone. As of the moment of writing these lines, they equal 2.84 million.

What is Shibarium’s Purpose?

The L2 blockchain network aims to establish a robust ecosystem built on Ethereum for Shiba Inu. Its main goal is to aid the advancement of the memecoin and elevate it above its rivals by providing a dedicated network to transact and build applications. .

It is safe to say that Binance US – the American subsidiary of the world’s leading cryptocurrency exchange – has passed through turbulent times, witnessing considerable customer withdrawals and diminished trading volume in the past several months.

According to the market data provider Kaiko, weekly trade volumes on the platform have recently plunged to a mere $40 million (a 99% decrease compared to the nearly $5 billion registered in March when the crypto industry showed signs of revival). In the following lines, we will observe what factors led to this immense fall.

The SEC Lawsuit

While the weekly trade volume started dropping at the beginning of May, its temps significantly intensified once the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO Changpeng Zhao (CZ), and the American subsidiary Binance US.

The regulator’s allegations included law violations such as self-dealing market manipulation and the sale/offer of multiple unregistered securities, such as BNB and BUSD.

In addition, the SEC launched a restraining order against Binance US to freeze its assets. Shortly after that attack, the marketplace removed over 100 trading pairs, including BCH/BTC, BCH/USDT, DOT/BTC, XTZ/BTC, AAVE/USDT, COMP/USDT, EOS/USDT, and many more.

It is worth mentioning that Binance and its US arm are not the only crypto organizations at war with the watchdog. The latter has also sued Coinbase, accusing it of providing trading services with unregistered securities such as ADA, SOL, MATIC, and others.

The Market Failed to Keep the Momentum

Another reason leading to the disappointing weekly trade volumes for Binance US could be the overall cryptocurrency market, which was performing quite well until mid-August but started plunging after that.

Bitcoin, for one, was trading at around $29,000 on August 16, whereas its price crashed below $26,000 in the following days. Altcoins, such as ETH, XRP, DOGE, SHIB, and many others, have also witnessed similar volatility.

Such price declines might have erased some of the investors’ enthusiasm, hence the reduced trading volume on the platform.

The Never-Ending FUD

Fear, Uncertainty, and Doubt (FUD) might also be a factor prompting an outflow of investors. Binance and its American subsidiary have been the subject of unconfirmed news that has undermined their legitimacy and reputation.

CEO Zhao has been a vocal critic of such rumors, urging his followers on X (Twitter) to ignore media propaganda and misleading information. He also believes that FUD and external pressure have united the Binance community:

“This, in turn, makes us more determined to drive towards our mission, to increase the freedom of money for people all around the world.”

Shibarium’s Marketing Strategist, going by the name LUCIE on X (formerly known as Twitter), said the crypto community should keep its trust in the BAD token due to several essential reasons.

Launched earlier this year, the native asset of Shiba Inu’s partner – BAD Idea AI – performed quite well during July and August before plummeting in the past several weeks.

BAD is not a ‘Pump and Dump’

LUCIE believes people should stop spreading negative news about BAD since the community lacks “toxicity,” while the management team behind the token is “responsible” by organizing special sales for liquidity & listings.

They also assumed the coin has a “great potential for growth,” assuring it is not a “pump and dump” scheme. According to LUCIE, the collaboration with Shiba Inu is another factor proving BAD’s legitimacy.

“Their communication channels are spot on,” whereas there are “beautiful artworks all around,” Shibarium’s Marketing Strategist concluded.

Recently, Shiba Inu developers, including LUCIE, have issued warnings about malicious projects that contain the logo of SHIB or its layer-2 scaling solution.

“I’ve lost count of how many projects fake support only to pursue a different agenda. I’d rather stick with official partnerships like Wellys or Bad,” the Marketing Strategist stated.

Those who want to learn more about the specifics of Shibarium, which saw the light of day at the end of August, could watch our dedicated video.

BAD’s Rise and Fall

The native token of Bad Idea AI (a decentralized experiment that combines Blockchain, AI, and DAOs) has been on a roll in the past few months. Its valuation surged to an all-time high in mid-August and maintained good performance throughout the rest of the month.

It started plunging in September, being 70% down from its peak. However, LUCIE seemed unfazed by the recent fall, outlining that the asset has increased its price by over 1,000% since its launch.

• Dogelon Mars (ELON) price is up 5% in the past week.

• The meme token has seen a spike in network activity as increased discussion adds to address growth.

Dogelon Mars (ELON) is one of the many meme coins that have recently seen significant declines, most notably as the broader market struggled with downside pressure earlier this month. This week’s spike in the price of flagship cryptocurrency Bitcoin to above $27k has however coincided with an uptick for most altcoins.

ELON price is one of the gainers in the past 24 hours, rising more than 5% as bulls caught a respite following a multi-week lull.

Dogelon Mars tops in crypto discussion

On-chain data shows interest in the meme coin has spiked amid growing discussions and network growth. The fresh outlook for the doge-inspired token suggests a potential push higher for the BTC and the mega cap altcoins could ignite more hype for ELON.

“Dogelon Mars is the fastest rising asset in #crypto, in terms of discussion rate percentage increase. The token has also been seeing recent spikes in network growth, indicating new addresses are being generated at an increased rate,” Santiment analysts posted on X.

Here’s a chart the market intelligence platform shared showing the spike in discussion and addresses.

What’s the price outlook for ELON?

Data from CoinGecko shows that Dogelon Mars’s daily trading volume is up nearly 40% in the past 24 hours.

The meme token is however seeing some pressure and is down 1.3% in the past 24 hours as of writing. This picture is largely similar to the top crypto assets, including Bitcoin, Ethereum, Dogecoin and Shiba Inu.

Although what happens next could depend on broader market conditions, the latest flip in crowd behaviour for ELON suggests a strong breakout is possible. If buyers retake the initiative above $0.00000013, a retest of the recent supply zone at $0.00000015 could encourage bulls. A flip lower could be catastrophic for ELON.

Dogecoin price has taken down resistance at $0.062, turning it into an immediate support and a springboard for potential gains to $0.1. Bulls seem intentional with the push for a recovery, especially with DOGE now sitting above two key moving averages; the 50-day Exponential Moving Average (red) at $0.06229 and the 100-day EMA (blue) at $0.06418.

Will Dogecoin Price Sustain The Uptrend?

Dogecoin price has been flipping bullish in September, although gradually. The ninth-largest crypto with $8.8 billion in market capitalization has since tested support at $0.06 strengthened the uptrend, weakened resistance at $0.062, and now is fighting the seller congestion at $0.063.

If traders gain interest and seek exposure to the long positions in DOGE, the uptrend will be unstoppable. A buy signal from the Moving Average Convergence Divergence (MACD) reveals that recovery may continue, especially if bulls hold onto the range support at $0.062.

DOGE/USD four-hour chart | Tradingview

Traders would also be looking out for a daily close above $0.063, the immediate resistance, to gauge the viability of the uptrend. A sustained breakout would suggest that Dogecoin price has the momentum to at least climb to the 200-day EMA (purple) and retest the grey band at $0.065. Further movement above the range limit could trigger a buying spree among investors targeting highs beyond $0.1.

How Dogecoin Price Will Fair After The FOMC Meeting

The United States Federal Open Market Committee (FOMC) is meeting starting Tuesday to Wednesday to deliberate the next decision on monetary policy. Another hike in interest rates is possible as the Fed is expected to take a strong stance against inflation, considering the high cost of crude oil that continues to drive the prices of commodities sky-high.

However, a strict monetary policy could negatively impact the crypto market, which has been performing well since the release of the Consumer Price Index (CPI) data last week.

A sell-off across the market may not leave DOGE unaffected, hence, a retracement is projected below support at $0.062. Both the 50-day EMA and the 100-day EMA are in line to help shield investors from the potential sell-off but if push comes to shove, the downtrend might stretch to the primary support at $0.06.

Investors mulling over which token to buy between DOGE and SHIB may want to consider Dogecoin. According to the comparison chart below, Dogecoin price has for the last year outperformed Shiba Inu. In other words, the same investment in DOGE and SHIB would yield a higher return on investment in Dogecoin.

DOGE vs. SHIB price chart

New York Regulator Refuses To Greenlight DOGE

The New York Department of Financial Services (DFS) axed Dogecoin and XRP from its green list of tokens as it moves to tighten its grip on digital assets. With the VOLT initiative, the DFS hopes to enhance oversight of the crypto market.

The updated coin-listing guidelines is meant for the evaluation of risks associated with crypto tokens while introducing new guidelines for businesses that serve retail customers. Only eight digital assets made it to the new DFS green list, with XRP and Dogecoin excluded.

Dog-themed cryptocurrency Shiba Inu has smashed a new milestone as its adoption rate metric soars. Shiba Inu has consistently grown its total addresses despite declining prices.

According to IntoTheBlock data, Shiba Inu's total addresses have plotted a straight ascending graph in their total addresses, which now stand at 3.59 million.

Shiba Inu is seeing a jump in the new adoption rate metric, reaching 39.14% on Sept. 18, per IntoTheBlock data. This reflects the growing entry of new participants into the ecosystem.

The new Shibarium innovation is undoubtedly attracting more participants to the Shiba Inu ecosystem. Shibarium has achieved significant milestones since its initial and subsequent relaunch in August of this year.

Shibarium is already approaching the three million mark in total transactions, reflecting its utility and demand. Currently, Shibarium has reached 2,910,761 total transactions; 1,246,666 wallet addresses and 712,492 total blocks.

Shiba Inu price turns green

Shiba Inu (SHIB) prices rose as bulls fought to reclaim control of the cryptocurrency market. The price increases came when Bitcoin surpassed the $27,000 barrier in an unexpected start to the week.

SHIB was still in the green at the time of writing, up 1% in the last 24 hours to $0.0000073. BONE, the Shibarium Layer-2 blockchain's gas token, has also increased somewhat in the last 24 hours to $0.812 as developers continue the process of renouncing the BONE contract.

As reported, over the weekend, Shiba Inu developer Kaal Dhairya unveiled the steps to be undertaken in renouncing the BONE contract, which might take some time. LEASH was marginally up 2.55% in the last few hours to $309.

Shibburn platform that tracks SHIB burn transactions on Etherscan has announced that it is polishing a new tracker that will allow users to check how much crypto for SHIB burns Shibarium has helped to accumulate.

This page also shows how many more transactions are necessary to conduct the first Shibarium-powered SHIB burn on the basis of the average gas fee, and the value of BONE tokens in which these fees are paid on Shibarium.

Not fully synced yet, but you can now view what's been accumulated for $SHIB burns on Shibarium so far.https://t.co/t3cvAazrBU

— Shibburn (@shibburn) September 18, 2023

This is how burns on Shibarium are intended to work. Part of every fee goes to developers for maintaining the network, and the other part is set aside in order to be converted to SHIB later on and moved to a dead wallet.

Thanks to a node Shibburn is running from NowNodes, it will be possible to calculate the amount of BONE necessary for the first burn in a more accurate manner.

So far, there has been 0.000007503367 BONE accumulated (0.000006065468 USD).

While Shibarium is warming up, with the total transaction count coming close to 3,000,000, the SHIB army continues to burn SHIB tokens, relying on their own efforts and resources.

Over the past 24 hours, 72,819,987 Shiba Inu coins has been sent to unspendable wallets, and the burn rate of SHIB has increased by 138.67%. Last week, the SHIB army managed to burn an impressive 530 million Shiba Inu meme coins.

In little over a month since the launch of Shibarium, the layer 2 blockchain created by the developers of the Shiba Inu (SHIB) ecosystem, it has already attracted massive interest, not just in terms of transactions but also in regard to the number of new wallets added.

Specifically, Shibarium has added 1,246,666 cryptocurrency wallets since its inception, which means that it has been growing larger by roughly 36,667 new addresses every day, according to the latest data obtained by Finbold from the Shibariumscan explorer on September 19.

As for the number of transactions on the blockchain, it has neared 3 million (specifically 2,910,761) by the time of publication, growing by over 500,000 since Finbold’s previous report from September 13, or in just six days, averaging at 85,611 transactions per day.

Following the launch in mid-August, Shibarium went through a restart shortly after, prompted by its failure to effectively manage the massive influx of incoming traffic that occurred during its mainnet introduction at the Blockchain Futurist Conference in Toronto.

BONE price analysis

Meanwhile, the price of BONE, the token dubbed “the passport to Shibarium” by the leading Shiba Inu ecosystem and ShibaSwap decentralized exchange (DEX) developer Shytoshi Kusama, was at press time trading at $0.8079, down 0.35% on the day, as well as declining 4.43% across the week and dropping 31.81% the past month.

For the time being, BONE’s smart contract remains under the control of Kusama and his development team, with a standing promise of relinquishing this control to the community sometime in the future.

Shiba Inu price analysis

As for the token that has originated with the entire ecosystem, the price of SHIB at present stands at $0.0000073919, recording an increase of 0.63% in the last 24 hours and gaining 1.43% across the past seven days while still holding onto the 11.9% decline on its monthly chart, according to the recent information.

All things considered, thanks to the SHIB community and developers, Shibarium continues to demonstrate continuous and significant growth, setting new records, as evident in the new wallets being created every day, as well as the number of transactions it facilitates.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.