The Shibarium blockchain, part of the Shiba Inu ecosystem, has experienced a significant increase in daily transactions, soaring by 64% over the past week. The network recently announced a major UI upgrade aimed at enhancing user experience and expanding network interactions by partnering with platforms like MetaMask, Coinbase Wallet, and Trust Wallet. Launched in August 2023, Shibarium has processed about 417 million transactions and has been particularly active in recent days, hitting a monthly peak of 958k transactions.
The high level of activity on Shibarium has led to a sharp decline in SHIB’s supply on exchanges, signaling accumulation by holders as each transaction results in some SHIB tokens being burned. However, despite the supply shock, SHIB’s value plummeted by 17% over the week. Looking ahead, speculation surrounds the impact of Bitcoin’s halving on SHIB, with historical trends suggesting that major cryptocurrencies like Ethereum and Dogecoin experienced significant appreciation following halving events. Large holders of SHIB have been increasing their positions, evident from the rise in supply held by top non-exchange addresses and the decrease in supply on exchanges, indicating growing confidence in the token’s potential.