Shiba Inu’s Shibarium Records 4.68 Million Daily Transactions
Shiba Inu’s ecosystem is expanding, driven by Shibarium, its layer-2 platform. Recent data indicates Shibarium has achieved high transaction activity, with 4.68 million daily transactions recorded in the last 24 hours.
Currently, SHIB trades at $0.00001677 and has experienced negative movement over the past week and month. However, increased activity may help drive the token's price toward $0.00008.
Shibarium Sees Surge In Transaction Activity
Data from Shibariumscan shows that Shibarium processed 4.68 million transactions on November 3, contributing to over 13.4 million transactions in just three days of the month. This marks a significant increase of about 103,800% from 6,540 transactions on October 27.
The rise in network activity has led to greater interest in SHIB and related tokens like BONE. Increased transaction activity results in more BONE tokens collected as fees, which are exchanged for SHIB tokens that are burned, reducing the total supply of SHIB.
SHIB’s Price To Push Toward $0.00008?
Shibarium has been crucial for the Shiba Inu ecosystem since its launch. The rise in Shibarium activity could be a precursor to SHIB's price returning to its all-time high of around $0.00008.
As of now, SHIB is trading at $0.00001677 and has fallen below $0.000017 in the last 24 hours. While reaching $0.00008 would require substantial growth, continued usage of Shibarium may support future price increases.
A key step for SHIB bulls would be establishing a price floor around $0.000017 or $0.0000165 to prevent further declines. November, along with the upcoming US elections, is anticipated to be a bullish period for SHIB and the broader crypto market.
