As a seasoned analyst with years of experience in the crypto market, I’ve witnessed my fair share of bull runs and bear markets. The recent surge in Shibarium transactions has caught my attention, not just because it’s a common occurrence for this meme coin project, but because the current increase is more substantial than usual.
In the past few weeks, there’s been little change in trading activity for Shibarium, an Ethereum-compatible layer-2 scaling platform. Yet, as of September 19th, daily transactions have surged by a significant 267%, according to Shibariumscam data, from 3,090 on September 16th to 11,360 currently. Such spikes are typical for Shibarium. However, it’s worth noting that the protocol has been more active as of late compared to its usual pace.
Shibarium trend and SHIB response
Shibarium transaction metrics underscore the level of adoption of the layer-2 network. It helps to measure the health of the meme coin project with an underlying correlation with the price of Shiba Inu (SHIB).
If there’s an increase in transactions on Shibarium, it tends to boost the value of SHIB. Conversely, a decrease in transactions typically leads to a drop in SHIB price. On August 20, when the transaction count peaked at 28,680, the trading price for Shiba Inu was approximately $0.000015, marking a high point for both assets. As the Shibarium metric fell to a minimum of 1,890 by September 9, so did the SHIB price plummet to a four-week low of $0.000012 on September 6.
Currently, the SHIB token’s value and interest in Shibarium are approaching their former peak levels. At this moment, a single token is being traded for approximately $0.00001442, marking an increase of over 1.2% within the last day. This rise follows a period of decline in the SHIB token’s price that lasted for about two weeks.
Ready for major rebound
There’s a growing sense that significant developments are on the horizon for the Shiba Inu token. This conviction stems from large-scale whale activity, where trillions of SHIB tokens are moved frequently, and an increase in the Shiba Inu burn rate over the last week, which is quite impressive.
The overall optimism about the market has given Shiba Inu (SHIB) exceptional performance within its category. If this favorable trend continues, the price of SHIB could potentially break through its current resistance at $0.000016 and reach new record highs over the next week.
In essence, we aim to turn the traditionally downward trend for September sales, as indicated by Cryptorank data, into an upward one instead.
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2024-09-20 13:46