Shiba Inu (SHIB) has witnessed an increase in adoption since the launch of Shibarium, a highly anticipated blockchain. While the growing adoption of SHIB is generally seen as positive, investors in the memecoin do not seem pleased. The effects of this adoption may be seen in the next bull rally, but an increase in adoption during bear markets is usually interpreted positively.
Recently, the online platform LaborX announced that it has fully integrated Shiba Inu. Users can now make payments or receive payments using Bone ShibaSwap (BONE), one of Shibarium’s main tokens.
This news emerged weeks after the launch of Shibarium, which may have also contributed to the global adoption of Shiba Inu.
Currently, Shibariumscan.io data reveals that the total number of wallets for Shibarium has reached 1.25 million, with a total transaction count of 3 million. At the time of writing, Layer-2 had produced 776 thousand blocks with an average block time of five seconds.
The integration took place while the memecoin’s price chart was in the negative zone, which could be attributed to the overall market downturn. According to 21milyon.com data, SHIB has experienced a decrease of more than 2% in the last seven days. At the time of writing, it was trading at $0.000007335 with a market cap of over $4.3 billion.
Rise in development activity around blockchain during bear markets is generally interpreted as a positive sign. This is because new updates and developments help build confidence in a cryptocurrency. In fact, the burning rate for SHIB has also appeared relatively high in recent months, which is encouraging in terms of progress. According to Shibburn, over 410 trillion SHIB tokens have been burned to date.
While SHIB’s price movement at the time of writing appears bearish, several chart scenarios suggest that this could change soon. For example, according to CryptoQuant, SHIB’s exchange reserves were decreasing, which could indicate that the token is not under selling pressure.
The total number of SHIB holders experienced a gradual increase last week, indicating investors’ confidence in the memecoin. Another optimistic indicator is Shiba Inu’s MVRV ratio, which shows signs of improvement.