Shibarium daily transactions saw an 85% drop, while Shiba Inu burns were down 78%. This has raised concerns in SHIB communitytaking into account its impact on the price of the Shiba Inu.
Shibarium treatments and Shiba Inu burns
Shibarium survey data It shows that daily transactions on the Layer 2 network dropped from 4.76 million on October 26 to 699,690 on October 27. Shipburn data It appears that Shiba Inu burning rate It has fallen by 78% in the past 24 hours, with 9.7 million SHIB tokens being burned in the period.
This decrease in Daily transactions for Shibarium Shiba Inu burns are related as the burn rate usually increases when there are more transactions on the layer 2 network. This is because the network has committed to using the base fees earned on the network to buy back and burn SHIB tokens.
Meanwhile, the collapse in daily transactions on the Shibarium network appears to be a correction, considering that the network’s daily transactions rose from 20,000 to millions in just a few days. Therefore, this could simply be a cooling-off period before daily transactions on the network reach new highs.
Daily transactions for Shibarium are likely to rise again, considering that Shiba Inu Marketing Officer, LucyIt was recently revealed that the SHIB Shiboshi NFT collection, which initially launched on Ethereum, is being ported to Shibarium. Shiboshi holders have already indicated that they are blockading their NFTs. As such, this step may result in increased activity to the Layer 2 network.
Lucy too open These NFT collections will enjoy a strategic promotion on the Layer 2 network. According to her, these NFTs will gain new features and roles in the Shiba Inu ecosystem. Shibushi holders will also enjoy access to exclusive events and rewards. The Shiba Inu marketing leader added that Shiboshis will play a role in future expansions across the SHIB ecosystem.
A rebound in SHIB prices could follow
The price of the Shiba Inu has dropped approximately 12% in the past seven days, indicating a Bearish sentiment Towards a meme coin at the moment. However, SHIB could enjoy a significant price rebound as Shibarium’s daily transactions pick up and the Shiba Inu burns again.
SHIB burn, in particular, always presents a bullish outlook for the meme coin the more it has risen since Shiba Inu price It will become more valuable as more coins are burned.
The first target would be for the SHIB price to recover above a level Psychological price level $0.00002. Expert Oscar Ramos also It has been confirmed His belief in the meme coin, stating that he is confident that a SHIB explosion is imminent.
At the time of writing, the price of the Shiba Inu is trading at around $0.000017, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com