Shibarium: A Major Milestone and SHIB Price Outlook

TL;DR
Shibarium's recent achievements have grabbed headlines, but the price of Shiba Inu (SHIB) has dropped by approximately 17% today (November 13).

Shibarium's Major Achievement
Shiba Inu's layer-2 scaling solution, Shibarium, has experienced a surge in activity. Daily transactions have reached millions since the beginning of November, with total transactions surpassing 500 million on November 12. Other key metrics, including total blocks and wallet addresses, are also approaching significant milestones.

Shibarium officially launched in August 2023, with the goal of enhancing the Shiba Inu ecosystem through reduced transaction fees, increased speed, and improved scalability.

The Shibarium team has implemented several upgrades to optimize functionality. In April, a new user interface (UI) was introduced, aiming for improved compatibility with popular self-custody wallets. A hard fork update was also released, reducing block processing times and empowering the SHIB community. Additionally, Shibarium has adopted a "Burn Portal" mechanism to reduce SHIB token supply and potentially enhance their value.

SHIB Price Outlook
Shibarium's advancements are expected to positively influence the price of SHIB. While SHIB has experienced gains in the past week, it has faced a significant correction in the last 24 hours. SHIB currently trades at around $0.0000243, marking a 17% daily decline.

This underperformance is part of a broader correction within the meme coin niche, with Dogecoin (DOGE) down 9% and other meme coins such as dogwifhat (WIF), Pepe (PEPE), Popcat (POPCAT), Brett (BRETT), and Neiro (NEIRO) suffering double-digit losses.