The price of Shiba Inu (SHIB) has seen a steep decline, dropping towards $0.000007, as selling pressure increases in the memecoin markets. However, amidst this bearish sentiment, there are indications of a positive impact on SHIB prices. The usage of the Shibarium Layer-2 (L2) network has stabilized, and on-chain data reveals that the SHIB token burn rate has also increased.
The Shiba Inu team had previously stated that the launch of the Shibarium L2 Network could significantly impact the ecosystem by reducing the supply of SHIB. Recent on-chain data trends validate this assertion, with a significant increase in network activity. The number of transactions on the Shibarium network has grown by 175% in less than two weeks, indicating broader adoption and growing demand. This increase in network activity could accelerate the SHIB burn rate and potentially trigger an increase in SHIB prices if demand remains strong. Furthermore, data from CryptoQuant shows that the daily token burn count for Shiba Inu has increased by 700%, reaching 70.3 million at the close of September 11. Token burn is a mechanism that permanently removes a certain quantity of a cryptocurrency from circulation, essentially reducing the total circulating supply. This increase in token burn rate could further support SHIB prices if demand continues to hold steady.
In conclusion, despite the prevailing bearish sentiment in the memecoin markets, there are positive indicators for Shiba Inu. The stability and growth of the Shibarium L2 Network, coupled with the increase in token burn rate, suggest a potential rebound in SHIB prices. However, it remains essential to monitor the market and investor sentiment to gauge the future trajectory of SHIB.
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