Shibarium’s Surge
Shiba Inu’s layer-2 network, Shibarium, has seen a huge boost in activity. The number of active accounts jumped by over 144% and new transactions skyrocketed. This is great news for SHIB, as Shibarium plays a key role in its success.
ShibaSwap’s Expansion
ShibaSwap, SHIB’s decentralized exchange, is expanding to Shibarium. This should bring more users to both platforms, leading to more SHIB burns.
Why Is SHIB Down?
Despite these bullish signs, SHIB’s price has been dropping. Here are a few reasons:
Bitcoin’s Influence
SHIB’s price is closely tied to Bitcoin’s. Bitcoin’s recent price declines have dragged SHIB down with it.
Whale Activity
Large investors (whales) have been selling SHIB, which has hurt its price.
Burn Rate Decline
The number of SHIB tokens being burned has decreased, which reduces its scarcity and can lead to price drops.
