The Shiba Inu cryptocurrency, known as SHIB, has witnessed a surge in activity on its Layer two (L2) ecosystem called Shibarium. The number of addresses using Shibarium has almost reached 500,000, indicating impressive adoption within the Shiba Inu ecosystem.
Despite a period of minimal traction, the recent hike in addresses and transactions has also impacted Shibarium’s Total Value Locked (TVL), which reached $1.42 million. However, inconsistencies with decentralized exchange (DEX) transactions have resulted in the stabilization of the TVL.
On the trading front, SHIB experienced a significant difference between exchange inflow and outflow, with a higher influx of tokens into exchanges compared to their movement out of exchanges. This discrepancy suggests a bearish sentiment, potentially leading to a correction in SHIB’s price unless the outflow aligns with the inflow.
Nonetheless, SHIB token usage increased, with a substantial volume involved in transactions between August 30 and 31. The Market Value to Realized Value (MVRV) Z score, indicating the potential valuation of SHIB, was in the negative region, implying that the asset might be undervalued and present a buying opportunity.
Overall, Shiba Inu’s Shibarium ecosystem has seen notable growth, along with increased activity and adoption, showcasing its potential within the cryptocurrency market.
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