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This performance is less pronounced than that of other meme coins like PEPE, BOME, and FLOKI, which have seen increases of 11.6%, 8.9%, and 6.5%, respectively, over the same seven-day period.
Meanwhile, the total SHIB burned since the token’s inception now stands at approximately 410.73 trillion SHIB, a significant chunk of the initial quadrillion supply created by the anonymous founder Ryoshi in 2020.
The current circulating supply of Shiba Inu is around 582.99 trillion SHIB, with an additional 6.28 trillion SHIB locked in various staking platforms.
Shibarium’s Downturn and Bullish Predictions for Shiba Inu Price
On the other hand, the Shibarium layer-2 solution, designed to enhance Shiba Inu’s scalability and efficiency, is experiencing a slowdown in on-chain activity.
The daily transaction count has dropped to 11.91k, a sharp decrease of more than 90% from the 121.91k transactions recorded in the middle of last month.
This blockchain platform’s total number of transfers has reached 417.50 million, with 1.8 million wallets currently connected.
Despite all these, crypto expert Dami Defi has shared an optimistic outlook for Shiba Inu’s price action. The analyst noted that the meme coin has formed a descending wedge pattern in the one-day timeframe.
According to Dami Defi’s analysis, a breakout from this pattern could potentially lead to a surge of over 50% in SHIB’s price, pushing it to around the $0.000035 level.
$SHIB formed a falling wedge pattern on the 1D time frame
If we breakout, a price pump of 50% + is expected 📈
Memeseason continues. pic.twitter.com/kgA353oLZK
— Dami-Defi (@DamiDefi) May 15, 2024
Featured image created with DALL·E, Chart from TradingView