Bearish
Shiba Inu's Shibarium update fails to boost SHIB price amid declining network activity.
In the past 24 hours, Shiba Inu announced a minor update to its Shibarium layer-2 scaling solution, refreshing its RPC listing in the Ethereum-lists/chains registry. Despite this, SHIB's price remains in negative territory on daily and weekly timeframes, with declining network activity and a plummeting burn rate contributing to bearish sentiment.
Key points
- Shiba Inu implements a 'small but useful' update for Shibarium, refreshing its RPC listing in the Ethereum-lists/chains registry.
- Shibarium's daily transactions have plummeted to the low thousands or hundreds following an exploit last year, down from millions, indicating weak user engagement and eroding investor confidence.
- SHIB's price has fallen 6% over the past week to around $0.000005196, and its burn rate has declined by nearly 90% over the past month, suggesting continued bearish pressure.
Sources
AI-generated from public news sources. Not financial advice.
