Shiba Inu fell by 3% in the last 24 hours and is currently priced at $0.0000093, echoing the broader market decline. However, a noteworthy trend highlighted by crypto intelligence tracker Santiment reveals a contrasting narrative. The supply of SHIB on exchanges has decreased by 0.51% since November 12, now standing at 7.85%. A diminishing SHIB supply on exchanges typically signals a reduction in selling pressure, creating a potential backdrop for future gains.
Supporting the optimistic outlook are on-chain metrics indicating an accumulation of SHIB by both retail and large-wallet investors over the past month. According to Santiment data, SHIB holders across various cohorts, holding between 10,000 and 100 million SHIB tokens, have increased their positions in the dog-themed cryptocurrency.
This accumulation is generally interpreted as a bullish signal. Coupled with the reduction in SHIB supply on exchanges, it alleviates the selling pressure on the meme coin, increasing the likelihood of further price appreciation.
Simultaneously, the Shiba Inu team has unveiled the 6th edition of the Shib magazine, offering insights into the recent $70,000 burn and announcing three upcoming manual burns scheduled for December 14th, 15th, and 16th. These SHIB burns not only reduce the circulating supply but also underscore a steadfast commitment to the project’s long-term value, garnering anticipation within the Shiba Inu community.
Shiba Inu L-2’s Major Upgrade
Noteworthy achievements extend to Shiba Inu‘s layer-2 Shibarium, which has consistently recorded over 7.5 million daily transactions in recent days. Last weekend witnessed a remarkable surge, with an additional 30 million transactions, pushing the total count beyond 90 million since its inception. Shibarium also boasts over 30,000 new accounts within the past five days, pushing the total count to an impressive 52,000 and steadily climbing.
The rising activity coincides with an upcoming release on the main network planned for later this year. In a strategic move towards continuous innovation, the Shibarium team announces the retirement of Puppynet on December 15th, paving the way for an upcoming upgrade scheduled for release in January, signaling the project’s commitment to progress and development.
As part of its continuous evolution and commitment to innovation, Shibarium announces a significant move in its upgrading process: the retirement of Puppynet on December 15th. Anticipating even greater strides, a new upgrade to the Shibarium network is on the horizon, scheduled for release in January.