SHIB Price Breaks Out Despite Shibarium’s 88.24% Key Metric Plunge

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As a seasoned researcher who has witnessed the rollercoaster ride of the crypto market for years, I must admit that the recent development of Shibarium and SHIB is intriguing, to say the least. The contrast between the declining activity on Shibarium and the soaring price of SHIB is a paradox that I find fascinating.

Over the last several days, it’s been observed that there’s been a significant drop in usage for the Layer-2 solution, Shibarium, according to Shibariumscan explorer.

Currently, the cost of the second most well-liked meme-based cryptocurrency, SHIB, is surging, aligning with the positive market trend.

SHIB skyrockets while Shibarium activity falls

On August 20th, the previously mentioned data source indicated a substantial drop of approximately 88% in daily transactions, with the count being 28,680. By August 23rd, as depicted on the chart, this number had decreased to just 3,370. This was the highest point for this metric over the past month, which has otherwise seen a steady decline.

As a seasoned blockchain enthusiast with years of experience under my belt, I can confidently say that the recent developments in Shibarium have left me quite impressed. This week alone, the total transaction count surpassed the 418 million mark and currently stands at an astounding 418,110,651. It’s fascinating to witness such exponential growth firsthand, and I can only imagine the possibilities this could open up for the future of decentralized finance.

Despite the daily transaction activity returning to its usual rhythm after an unexpected surge, the Shiba Inu coin has shown remarkable increase in value over the past 24 hours.

Bitcoin soars, Shiba Inu follows suit

SHIB experienced a notable increase of around 8.5%, pushing past the $0.00001425 price point and reaching an impressive new high of $0.00001546. Over the course of this week, the second-largest meme cryptocurrency has seen its value swell by a substantial 18.5%.

As a researcher examining the Shiba Inu market, I’ve noticed that its price movements often mirror those of Bitcoin. Yesterday, Bitcoin experienced a surge of over 6%, reclaiming its $64,000 value after hovering around $60,700 earlier in the day.

After Jerome Powell, the head of the Federal Reserve, announced that the Fed might lower interest rates, there was a significant increase in the value of Bitcoin. This development positively influenced Bitcoin, enabling it to continue its upward trajectory following periods of trading within the range of $60,000 and $61,000.

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2024-08-24 23:25