Shiba Inu’s Shibarium Sees Triple-Digit Surge Across Major Metrics, What’s Going On?

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As a crypto investor with experience in the Shiba Inu ecosystem, I’m keeping a close eye on the recent developments surrounding Shibarium. The massive surge in transactions and fees paid on the network over the weekend is an encouraging sign, indicating increased attention from traders and potential growth for SHIB. This comes at a crucial time when the wider market has been bearish, leading to declines in SHIB’s price and market cap.

The latest metrics from Shibarium indicate a potential surge for the Shiba Inu ecosystem. Transactions and fees processed by Shibarium using BONE have experienced significant increases, up over 100% in the last week. This uptick could signal heightened interest from traders in Shiba Inu, potentially leading to a SHIB price recovery at a critical support point within the current week.

Shibarium Sees Massive Surge In Activity Over the Weekend

Based on recent figures, there was a tremendous increase in Shibarium network transactions during the weekend. On Saturday alone, an impressive 441% rise was observed compared to earlier in the week. This surge resulted in over 13,190 transactions being processed, which is significantly higher than the previous number of around 3,500. The network experienced higher transaction fees due to this massive uptick in activity and the subsequent strain on its resources.

As a researcher examining transaction data on Shibarium, I’ve made an intriguing discovery. The average fees paid in BONE for transactions have seen a substantial hike, climbing by a staggering 176% compared to previous averages. Additionally, there was a remarkable surge in new account creation. Specifically, on Sunday, a whopping 154 new accounts were generated, representing an astounding 1,600% increase from the mere 9 new accounts created on Monday, June 10.

It’s intriguing to note that the transaction numbers we see now are relatively small compared to earlier readings on Shibarium this year. However, these increases have occurred during a tough bearish market for the Shiba Inu community. This is a promising indicator for SHIB‘s price because an uptick in transactions leads to more gas fees being paid, which ultimately results in more SHIB tokens getting burned.

Current State Of Shiba Inu

Currently, Shiba Inu (SHIB) is priced at $0.00002013 during my writing. There’s been a 2.21% decrease in SHIB’s value over the last 24 hours. It’s important to mention that this downward trend for Shiba Inu has continued for seven consecutive days, coinciding with a broader market slump initiated by Bitcoin. As a result, the cryptocurrency has experienced a significant loss of approximately 13.11% in market capitalization within the same timeframe, with traders liquidating their long positions.

Shib Inu (SHIB) presently hovers around the psychologically significant price mark of $0.000020, and there’s a possibility it may dip lower. Despite the surge in transactions on Shibarium over the weekend, as indicated by IntoTheBlock data, only approximately 3.97 trillion SHIB tokens bought by 5,270 addresses act as resistance at this price point. If SHIB is unable to safeguard this support and drops below, the next notable resistance lies at $0.000190, where around 4,310 holders own 6.21 trillion tokens.

Recently, Lucie, the marketing lead of Shiba Inu, has hinted at the possibility of an airdrop for those who bridged to Shibarium during its first year of existence. This suggestion has generated excitement among Shib enthusiasts. However, it’s important to note that this is just a hypothetical scenario and does not guarantee anything for certain.

As a researcher pondering hypothetical questions, I posted the following on social media platform X: “This query is purely speculative and comes with no guarantees.”

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2024-06-17 22:34