Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB’s Price Toward $0.00008?

by

As a researcher who has been closely observing the cryptocurrency market for several years now, I must admit that the recent surge in Shibarium transaction activity is quite intriguing. Having witnessed many bull and bear markets, I’ve learned to read between the lines of numbers and charts.

Over the past year, the Shiba Inu ecosystem has experienced rapid growth, largely due to the introduction of its layer-2 platform, Shibarium. Notably, current figures indicate a significant increase in activity on this platform, with daily transactions surging to an impressive 4.68 million within the last 24 hours.

Currently, SHIB is being traded at $0.00001677 and is exhibiting a downward trend over both the weekly and monthly periods. Yet, an increase in activity has sparked interest among SHIB investors, as they closely monitor this surge to determine if it might propel the token’s price towards approximately $0.00008.

Shibarium Sees Surge In Transaction Activity

Based on information from Shibariumscan, approximately 4.68 million transactions were handled on its layer-2 network within the past 24 hours, setting a promising tone for November. In the mere three days that November has been underway, Shibarium has already facilitated over 13.4 million transactions.

Upon scrutinizing the transaction details, it’s clear that network activity has been steadily escalating daily. For instance, Shibarium data indicates that 4,210,000 transactions were handled on November 1, followed by 4,530,000 on November 2 and 4,680,000 on November 3. Notably, this is an astounding 103,800% surge from the 6,540 transactions recorded on Sunday, October 27.

Due to a surge in interest, the Shiba Inu community is experiencing a growing fascination towards SHIB and associated tokens such as BONE, which also thrive on Shibarium. This heightened activity has resulted in more BONE tokens being recovered as transaction fees, a bonus for SHIB burns. This happens because the collected BONE fees within Shibarium are converted to SHIB tokens. These SHIB tokens are later burned and eliminated from circulation, causing a decrease in the overall amount of SHIB available.

SHIB’s Price To Push Toward $0.00008?

Since its debut, Shibarium has proven to be a sturdy foundation within the Shiba Inu ecosystem. Consequently, an increase in Shibarium’s activity is likely the initial move for SHIB’s price to potentially regain its peak levels of approximately $0.00008.

Currently, SHIB is being exchanged at approximately 0.00001677 USD. Over the last 24 hours, it has slipped below its previous position of $0.000017. However, if Shibarium’s usage continues to grow steadily, it could create a robust base for potential price increases in the future, even though reaching $0.00008 might involve significant upward movement.

Currently, the key action leading back towards $0.00008 is for Shiba Inu (SHIB) bulls to establish a support level near $0.000017 or $0.0000165, preventing any further drops. However, November and the upcoming US elections could bring a positive trend not only for SHIB but also for the entire cryptocurrency market.

Read More

2024-11-04 18:06