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Shiba Inu

<p>The <a href="https://bitcoinist.com/shiba-inu-cardano-crypto-10/">Shiba Inu (SHIB) ecosystem</a> had an event-filled week with several developments surrounding the meme coin. These <a href="https://bitcoinist.com/shiba-inu-milestone-metric/">developments</a> again highlighted the mixed sentiment towards Shiba Inu (SHIB), with the crypto token running the risk of declining further from its current price level.&nbsp;</p> 
<h2 id="shibarium-sees-spike-in-total-value-locked">Shibarium Sees Spike In Total Value Locked</h2> 
<p>Data from DeFiLlama shows that the total value locked (TVL) on the <a href="https://bitcoinist.com/shiba-inu-shibarium-public/">layer-2 network Shibarium</a> spiked this week, peaking at $2.45 million on May 30. This shows a growing confidence among investors in the Shiba Inu ecosystem. It also represents a positive development given that Shibarium’s TVL had declined significantly after surging to a <a href="https://bitcoinist.com/shiba-inu-shibarium-new-record/">record-high of $3.9 million</a> in March.&nbsp;</p> 
<p>The Shibarium network also recorded a significant milestone this week, crossing the <a href="https://bitcoinist.com/shiba-inu-milestone-metric/">5 million mark</a> in terms of total blocks processed on the network. That highlighted the impressive demand and adoption the layer-2 network has enjoyed <a href="https://bitcoinist.com/shiba-inu-shibarium-public/">since launching last year</a>. Shibarium has also processed over 4 million transactions and boasts almost 2 million addresses on the network.&nbsp;</p> 
<p>However, what remains a concern for the <a href="https://bitcoinist.com/shiba-inu-message-exchanges/">Shiba Inu team and community</a> at large is the dwindling daily transactions on the Shibarium network. The network recorded daily transactions under 20,000 almost throughout May, with May 3 being the only day last month when it managed to record over 20,000 daily transactions.&nbsp;</p> 
<p>This has also negatively impacted <a href="https://bitcoinist.com/shiba-inu-burns-bright-shib/">Shiba Inu’s token burns</a>, with the number of tokens burned declining lately. <a href="https://x.com/shibburn/status/1796829086540570647" rel="nofollow" target="_blank">Data</a> from the burn tracking website Shibburn shows a 44% drop in the number of tokens burned in the last seven days.&nbsp;</p> 
<h2 id="shiba-inu-s-price-at-risk-of-a-significant-crash">Shiba Inu’s Price At Risk Of A Significant Crash</h2> 
<p>Data from the <a href="https://bitcoinist.com/dogecoin-shiba-inu-memecoins-top-coins-daily-users/">market intelligence platform IntoTheBlock</a> shows that 65 trillion SHIB tokens are at risk of being sold off following the meme coin’s recent price correction. These 65 trillion tokens were bought between $0.000025 and $0.000027. The <a href="https://bitcoinist.com/shiba-inu-active-addresses-soar-over-170/">wallet addresses</a> that purchased Shiba Inu at this range could sell their tokens in fear of a further price decline, with such selling pressure sending Shiba Inu’s price spiraling down.&nbsp;&nbsp;</p> 
<p>Shiba Inu also risks facing significant pressure, with <a href="https://bitcoinist.com/dogecoin-price-100-to-0-322/">crypto analyst Ali Martinez</a> <a href="https://x.com/ali_charts/status/1796477469022728661" rel="nofollow" target="_blank">revealing</a> that over 4 trillion SHIB ($103 million) have been sent to crypto exchanges in the last two weeks. Moving these tokens to exchanges usually suggests that holders are about to offload their holdings in a move that can&nbsp;</p> 
<h2 id="a-memorable-moment-in-shiba-inu-history">A Memorable Moment In Shiba Inu History</h2> 
<p>The official X (formerly Twitter) account of Shiba Inu <a href="https://x.com/Shibtoken/status/1795867322378276959" rel="nofollow" target="_blank">highlighted</a> that it had been three years since <a href="https://bitcoinist.com/ethereum-scalability-leap-vitalik-buterin-solution/">Ethereum’s co-founder Vitalik Buterin</a> burned 410 trillion SHIB tokens (almost half of the meme coin’s total supply).&nbsp;</p> 
<p>These burned tokens formed part of the 500 SHIB tokens the <a href="https://bitcoinist.com/shiba-inu-founder-end-vision/#:~:text=Ryoshi%2C%20the%20pseudonymous%20founder%20of,message%20for%20the%20SHIB%20community.">meme coin’s founder Ryoshi</a> sent to the Ethereum co-founder. Vitalik’s move is known to have been a pivotal moment for the Shiba Inu ecosystem and is forever etched in its history.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Y8nA7ejI/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

Here Are Important Shiba Inu Developments You Might Have Missed This Week

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