Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The Shiba Inu (SHIB) token is still undergoing a steep decline, in tandem with the general market trend. At the time of writing, Shiba Inu is worth as little as $0.000006946, up by 0.40% in the past 24 hours. While the bulls are warming up to take over the market, they are visibly still losing the fight on the weekly front as the price is still down by over 4%.
Amid the visible onslaught, Shiba Inu is still primed for at least two key milestones in the near term. Data from Shibarium Scan showed that the average block time has remained flat at 5.0 seconds, but there is steady growth in the overall transaction and wallet addresses.
While the external influence in the digital currency ecosystem cannot be avoided, Shiba Inu is carving out the needed trust to bring more users into its ecosystem. With the total transactions now pegged at 3,383,413, the Ethereum-based Layer-2 scaling solution is aiming at this figure, jumping to 3.5 million in the short term.
Additionally, there is a growing optimism that more legitimate users will permeate the ecosystem, taking the active wallet addresses from their current count of 1.25 million to 1.3 million in the near future.
Synchronizing growth factors
At the moment, Shiba Inu will benefit a lot from synchronizing all of the growth factors it can muster, encompassing both technical and fundamental events.
Shibarium comes to mind as the visible basis to onboard more users that can ultimately help it achieve one of the two key highlighted milestones. Additionally, the consistent burning of SHIB to deepen the token's foothold as a deflationary protocol remains a viable option to help drive its fundamentals.
Shiba Inu has maintained a rather promising outlook despite current unfavorable market trends.
Arman Shirinyan
Alex Dovbnya
