Shibarium Transactions Up 160% As SHIB Pushes For Recovery

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During the process of recovering important statistics, the number of transactions on Shiba Inu‘s Shibarium platform experienced a remarkable increase of 160% in just one day.

Shibarium Retraced Transaction Volume Boost

According to Shibariumscan’s latest report, there have been approximately 562,980 transactions on Ethereum‘s Layer-2 scaling solution as of now. This represents a substantial jump from the previous count of around 352,000 recorded just a few hours prior. However, it still pales in comparison to the all-time high of 958,500 transactions that Shibarium had processed before experiencing a major drop of about 63.2% roughly two days ago.

Approximately two weeks ago, there was a shocking rise in Shibarium’s daily transactions, which jumped by an incredible 1000%. To be more specific, there were around 6,410 transactions the day before, but this number skyrocketed to 75,800 within just 24 hours. This represented a staggering increase of 1082%. Despite this significant growth, it didn’t reach the record-breaking transaction volumes that had been seen earlier in the year.

In simpler terms, the number of transactions on Shibarium has jumped by 160% and surpassed half a million, indicating Shibarium’s strong comeback in the L2 marketplace. This adds up to a grand total of 415 million transactions since its debut in August 2023.

This surge brings several advantages to the Shiba Inu ecosystem, including increased capacity for more transactions, lower costs for each transaction, and faster processing times.

Furthermore, approximately 100,000 new wallets have been added to the existing number, resulting in a grand total of 1,782,000 unique addresses on the Shibarium network. Despite the regular fluctuations in transactions, other significant indicators of the network’s performance have remained consistent. Notably, these disruptions have not dampened the enthusiasm of users towards the Shibarium platform.

Shiba Inu Tokens Soar on Shibarium Uptick

According to historical data, significant increases in transaction activity often signal an upcoming bull market for prices. As a result, tokens within the Shiba Inu community may respond to this surge in trading volume.

The cost of Shiba Inu (SHIB) has risen by 6.20% and is now at $0.00002274. Simultaneously, BONE, Shiba Inu’s other token, is trading at $0.6163 with a 6.12% increase over the past 24 hours. This price uptick might be due to the heightened activity on Shibarium, which could be benefiting both cryptocurrencies.

The bounce back in tokens related to Shiba Inu is a good sign for the wider market, indicating a positive trend. This renewed surge can be explained by the shifting Bitcoin halving atmosphere, which is bringing about significant changes. However, it remains to be seen how long this recovery will continue.

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2024-04-18 19:27