Despite a slowing burn rate, the volume of transactions on the Shiba Inu Shibarium testnet has reached all-time highs. However, recent address activity suggests rising interest despite the dismal price trend.
These days, the Shiba Inu Shibarium testnet is as busy as ever. It has handled 12.8 million transactions as of this writing and was quickly reaching the 13 million milestone. Despite its shaky beginnings, this Layer 2 (L2) solution has flourished, as shown by the fact that the number of wallet addresses on the network has topped 16 million.
More functionality will be available after the mainnet is launched, according to recent rumours. Though the precise date of the debut was still up in the air, all indications pointed to it happening somewhere in the third quarter of this year. The impending mainnet launch holds great promise for the Shibarium ecosystem, and interest in it continues to grow.
The present burn rate of Shiba Inu did not reflect the rise of transactions and wallets on the Shibarium. There were around 19 million SHIB tokens in circulation until they were all destroyed. Furthermore, more than 410 trillion SHIB tokens have been burned since their inception.
Furthermore, Shibburns statistics showed that out of a total supply of around 574 trillion SHIB tokens, about 14 trillion were staked as of early November.
A clear bearish trend for SHIB was highlighted by the Relative Strength Index (RSI) line on the daily timeframe chart. With an RSI reading below 35, SHIB was exhibiting poor momentum and trending in the opposite direction of the market. As of this writing, SHIB was trading down less than 1%, at roughly $0.0000080 per share.
The number of active addresses for SHIB has not changed much, per Santiment. However, there was a minor improvement in the measure of “active addresses” during the last week as of this writing. Positive momentum may be seen in the fact that the number of active addresses has risen beyond 19,000.