Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB’s Price Toward $0.00008?
04 Novembro 2024 - 12:00PM
NEWSBTC
Shiba Inu’s ecosystem has been expanding rapidly in the past year,
thanks in part to Shibarium, its layer-2 platform. Interestingly,
recent data shows Shibarium has seen an impressive uptick in
activity, with daily transactions reaching 4.68 million in the past
24 hours. At the time of writing, SHIB is trading at
$0.00001677 and is back into the negative movement in both the
seven-day and 30-day timeframes. However, the uptick in activity
has given SHIB investors something to watch closely to see if this
momentum could drive the token’s price closer to $0.00008.
Shibarium Sees Surge In Transaction Activity According to data from
Shibariumscan, 4.68 million transactions were processed on the
layer-2 network in the past 24 hours, which essentially kickstarts
November on a good month. Speaking of November, it’s only been
three days into the month, and Shibarium has already processed more
than 13.4 million transactions. Related Reading: Bitcoin Completes
Retest Phase: Only One Thing Left For A $110,000 Price By December
A closer look at the transaction data reveals a progressive rise in
network activity each day. Particularly, data from Shibarium 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 about 103,800% from the 6,540
transactions registered on Sunday, October 27. With this
spike in activity, the Shiba Inu community is seeing increased
interest in SHIB and related tokens like BONE, which also benefits
from Shibarium. The uptick in transaction activity has, in turn,
increased the number of BONE tokens recouped as transaction fees,
which is also positive in terms of SHIB burns. This is because the
accumulated BONE fees on Shibarium are exchanged for SHIB tokens.
These SHIB tokens are subsequently burned and permanently removed
from circulation, leading to a reduction in the total supply of
SHIB. SHIB’s Price To Push Toward $0.00008? Shibarium has
undoubtedly been one of the strong pillars of the Shiba Inu
ecosystem since its launch. Therefore, the uptick in Shibarium
activity is one of the first steps for the SHIB price to
return to its all-time high levels of around $0.00008. Related
Reading: Bitcoin Flashes Buy Signal After Price Closed 2nd Green
Month Candle In A Row At the time of writing, SHIB is trading at
$0.00001677 and has lost its footing above $0.000017 in the past 24
hours. While achieving $0.00008 would be a steep climb, sustained
growth in Shibarium’s usage could provide a strong foundation for
future price gains. Right now, the first step towards a return to
$0.00008 would be SHIB bulls creating a price floor around
$0.000017 or $0.0000165 that would reject any further declines.
Nonetheless, November and the upcoming US elections promise to be a
bullish month for SHIB and the wider crypto industry. Featured
image created with Dall.E, chart from Tradingview.com
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