MemeCoin Momentum: SHIB Surges & Shibarium Soars

Shiba Inu (SHIB) Enters a Bullish Phase?

The renowned meme cryptocurrency, Shiba Inu, previously riding high during the 2021 bull market, continues to captivate the attention of investors.

Recent data from the blockchain analysis platform Santiment indicates a substantial decline in SHIB supply on crypto exchanges, plummeting to 7.58% as of December 12. By way of comparison, this metric was hovering at nearly 9% back in June.

SHIB Supply on Exchanges, Source: Santiment

This reduction in SHIB tokens available on trading platforms, coupled with a shift towards self-custody methods, is generally interpreted as a positive development for the meme coin's valuation, as it alleviates immediate selling pressure. Conversely, an increasing percentage of SHIB supply on exchanges may signal an impending correction in price.

Shiba Inu's Recent Feats

Despite experiencing a dip in its price over the past week, Shiba Inu has achieved noteworthy milestones. The meme coin surged through several key accomplishments recently. Its layer-2 blockchain solution, Shibarium, has been registering record daily transactions since the start of December, pushing the total transaction count on the network close to the 100 million mark. Moreover, the total number of blocks surpassed the impressive milestone of 2 million.

Shibarium stands out as a crucial feature, aiming to position Shiba Inu as a frontrunner in the meme coin space by enhancing transaction speed and reducing fees.

Beyond the strides made by Shibarium, Shiba Inu garnered attention for another achievement. According to the social media analytics tool LunarCrush, the asset boasts the most dedicated community among meme coins, with Dogecoin (DOGE) securing the second spot and Bonk Inu (BONK) coming in third.

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