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Shibarium Transactions Up 160% As SHIB Pushes For Recovery – Crypto News

Published

1 year ago

April 18, 2024

Dripp

Amidst key metrics recovery, Shiba Inu’s Shibarium transactions surged by an outstanding 160% within 24 hours.

Shibarium Retraced Transaction Volume Boost

Data from Shibariumscan shows that transactions on the Ethereum Layer-2 scaling solution reached 562,980 as of press time. This is a significant increase from 352,000 registered by the network a few hours earlier. At the same time, it is a far cry from the high of 958,500 that Shibarium had seen before a huge plunge of 63.2% about two days ago.

Almost two weeks ago, it was reported that Shibarium’s daily transactions surged by an astounding 1000%. Precisely, it moved from about 6,410 to 75,800 within 24 hours, marking a 1082% increase. With the huge growth, it still fell short of the record-breaking transaction volumes witnessed earlier this year.

The 160% transaction increase and a figure of more than half a million marks a reinstatement of Shibarium’s position in the L2 ecosystem. Overall, this brings the total number of transactions completed on the Shibarium network since its launch in August 2023 to 415 million.

This surge also offers the Shiba Inu ecosystem enhanced scalability, reduced transaction fees, and improved speed.

In addition, about 100,000 new wallets were added to the previous number, amounting to a total of 1.782 million addresses. Apart from the transaction fluctuations seen daily on the L2, other key metrics on the Shibarium network have maintained stability in terms of their performance. Notably, the perturbations have not derailed users’ interest in the network.

Shiba Inu Tokens Soar on Shibarium Uptick

Based on historical information, such bursts in activity are usually indications of a potential bull run in price. Hence, it is expected that tokens in the Shiba Inu ecosystem react to the surge in transaction volume.

Shiba Inu (SHIB) price is up by 6.20% as the crypto asset currently trades at $0.00002274. Shiba Inu’s BONE is also trading at $0.6163 with a 6.12% within the last 24 hours. These price values suggest that the surge of activity on Shibarium may have positively impacted the prices of these altcoins.

These recoveries in Shiba Inu-linked token connotes a positive trend in the broader market. This revived rally is justified as Bitcoin halving sentiment is changing the game overall. What remains to be seen is how long this recovery will last.