Shiba

Peanut the Squirrel

Bonk

Peanut

Shiba Inu

TL;DR
<ul>
 <li>Shibarium has burned $1.5M worth of SHIB and enabled low-cost transactions, boosting ecosystem development.</li>
 <li>Despite the protocol’s advancement, SHIB dropped 25% in two weeks amid an overall decline in the meme coin sector.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-12-shibarium_cb-33-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/Shibarium_CB-33.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="shibarium-s-help">Shibarium’s Help</h2>
Shiba Inu’s layer-2 scaling solution officially<a href="https://cryptopotato.com/shiba-inus-shibarium-officially-live-but-shib-price-suffers/" data-wpel-link="internal" rel="noopener noreferrer nofollow"> saw the light of day</a> in August last year. While its ultimate goal is to foster the development of the entire SHIB ecosystem, LUCIE (a prominent member of the meme coin’s team) recently shed more details on the matter.
They <a class="editor-rtfLink" href="https://x.com/LucieSHIB/status/1869437585984037030" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">claimed</a> that Shibarium has already “made a big impact” for Shiba Inu by destroying tokens worth over $1.5 million, thus “directly reducing the circulating supply and adding scarcity.” The protocol <a class="editor-rtfLink" href="https://cryptopotato.com/important-shiba-inu-shib-announcement/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">embraced</a> the burning mechanism this summer.
LUCIE added that the L2 blockchain solution has enabled low-cost transactions, “allowing trades for pennies” and making the meme coin more accessible and practical for everyday use. Lastly, they claimed that Shibarium has built the foundation for future utilities, such as staking and governance systems, which could further strengthen the ecosystem.
<blockquote>
 “Most importantly, Shibarium has solidified $ SHIB’s reputation as one of the strongest assets in crypto. The recognition SHIB has received, even from Forbes, wasn’t achieved by social media hype, but through the efforts of a dedicated development team that built Shibarium and delivered real progress for the ecosystem,” her statement reads.&nbsp;
</blockquote>
<h2 id="span-data-preserver-spaces-true-shib-price-outlook-span">SHIB Price Outlook</h2>
Shibarium has indeed witnessed serious progress during its relatively short existence. Data shows the network has processed over 675 million transactions, while wallet addresses recently <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inus-shibarium-reaches-a-new-milestone-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">crossed</a> the 2 million milestone.&nbsp;
The further advancement of the protocol is touted as one of the major factors that could fuel a Shiba Inu rally. However, the self-proclaimed Dogecoin-killer has performed quite poorly in the past two weeks, plummeting by 25%. 
<figure id="attachment_375383" aria-describedby="caption-attachment-375383" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-375383" src="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7.png" alt="SHIB Price" width="586" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7.png 1057w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7-300x205.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7-1024x698.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7-768x524.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/SHIB-Price-7-50x34.png 50w" sizes="(max-width: 586px) 100vw, 586px"></a>
 <figcaption id="caption-attachment-375383" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
Its downtrend coincides with the overall correction of the cryptocurrency market and a bloodbath that has spread across the meme coin niche. Popular assets that have charted double-digit losses in the last 24 hours include Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), Popcat (POPCAT), Peanut the Squirrel (PNUT), and many more.&nbsp;
Those curious to see what other factors might have negatively impacted SHIB in the past several days can take a look at our article <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inu-shib-drops-by-15-in-2-weeks-these-factors-suggest-extended-correction/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">here</a>.
The post <a href="https://cryptopotato.com/heres-how-shibarium-has-impacted-the-shiba-inu-ecosystem/" rel="noopener noreferrer nofollow">Here’s How Shibarium Has Impacted the Shiba Inu Ecosystem</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Here’s How Shibarium Has Impacted the Shiba Inu Ecosystem

Table of Contents

CryptoPotato_News

Other articles published on Dec 19, 2024

Next, Cryptocurrency to Explode, 19 December — Stonks, Usual, Core, Creditcoin

WhiteBIT’s Institutional Focus Drives Trading Volume to Record $2.7 Trillion in 2024

Improving Data Quality via Collective Error Detection and Creative Problem-Solving

Binance Alpha List Expands: New Tokens Added to Pre-Listing Pool

Acurast Unveils Processor Lite for iOS: Empowering iPhone Users to Join the DePIN Cloud Rebellion...

Stellar ICO Passed You By? Qubetics Is Your Chance for Major Gains!

Join our free newsletter for daily crypto updates!