Shiba Inu has announced an update to Shibarium, its layer-2 scaling solution. The team refreshed the protocol's RPC listing in the Ethereum-lists/chains registry and updated connection details on Chainlist to improve accessibility.
Community response to the announcement has been mixed. Some users welcomed the improvement for convenience, while others criticized it as insignificant or questioned Shibarium's viability.
Network Activity Remains Weak
Shibarium has experienced a significant decline in usage since an exploit last year. Daily transactions on the network have dropped to the low thousands and occasionally to the hundreds, down dramatically from millions of transactions before the attack. This reduced activity reflects weak user engagement.
SHIB Price and Market Position
SHIB remains the second-largest meme coin by market capitalization, which stands at just over $3 billion, making it the 33rd-largest cryptocurrency overall. The token has declined 6% over the past week and currently trades at approximately $0.000005196 according to CoinGecko.
Burn Rate and Supply Dynamics
Shiba Inu's token-burning program, designed to reduce supply and potentially support price appreciation through scarcity, has shown minimal recent activity. Burn rate data indicates a decline of nearly 90% over the past month, with negligible token amounts sent to null addresses.
September historically has been a weak month for SHIB, with the token closing in red three of five times. Approximately two weeks remain in the month to determine whether bearish pressure will persist or stabilize.
