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It was the Shiba Inu’s ecosystem Expand quickly last year, thanks in part to Shibarium, the second-tier platform. Interestingly, recent data shows that Shibarium has seen an impressive spike in activity, with daily transactions reaching 4.68 million over the past 24 hours.
At the time of writing, SHIB is trading at $0.00001677 and is back in negative movement on both the seven-day and 30-day time frames. However, the uptick in activity has given SHIB investors something to watch closely to see if momentum builds It can pay the price of the token Closer to $0.00008.
Shibarium is seeing a surge in transaction activity
According to data from Shibariumscan4.68 million transactions were processed on the Layer 2 network in the past 24 hours, which essentially starts November off in a good month. Speaking of November, we are only three days into the month, and Shibarium has already processed over 13.4 million transactions.
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A closer look at the transaction data reveals a gradual rise in network activity each day. In particular, data from Shibarium’s scan shows that 4.21 million transactions were processed on November 1, 4.53 million transactions were processed on November 2, and 4.68 transactions were processed on November 3. Interestingly, this represents an increase of approximately 103,800% from the 6,540 transactions recorded on Sunday, October 27.
With this rise in activity, the Shiba Inu community is seeing increased interest in SHIB and related tokens like BONE, which also leverage Shibarium. The rise in transaction activity has in turn increased the number of BONE tokens redeemed as transaction fees, which is also positive in terms of SHIB burning. This is because the BONE fees accumulated on Shibarium are exchanged for SHIB tokens. These SHIB tokens are subsequently burned and permanently removed from circulation, resulting in a decrease in the total supply of SHIB.
Will SHIB price rise towards $0.00008?
Shibarium has undoubtedly been one of the strong pillars of the Shiba Inu ecosystem since its launch. Therefore, the increase in Shibarium activity is One of the first steps For SHIB price to return to its all-time highs of around $0.00008.
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At the time of writing, SHIB is trading at $0.00001677 USD and It lost ground above $0.000017 In the last 24 hours. While achieving $0.00008 would be a steep climb, sustained growth in Shibarium usage could provide a strong foundation for future price gains.
For now, the first step towards a return to $0.00008 would be for SHIB bulls to establish a price floor around $0.000017 or $0.0000165 which would reject any further declines. However, November and the upcoming US elections It promises to be a bullish month For SHIB and the broader cryptocurrency industry.
Featured image created with Dall.E, chart from Tradingview.com