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Shiba Inu’s ecosystem has been around for a long time increasing rapidly over the past year, thanks in part to Shibarium, its layer-2 platform. Interestingly, recent data shows that Shibarium has seen a dramatic spike 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 has returned to negative action on both the seven- and 30-day periods. However, the rise in activity has given SHIB investors something to watch closely to see if this momentum holds it can drive the value of the token close to $0.00008.
Shibarium Sees Business Conduct Activity
According to the data from Shibarium scan4.68 million transactions were processed on the layer-2 network in the last 24 hours, which marks the beginning of the good month of November. Speaking of November, it’s only three days into the month, and Shibarium has already processed over 13.4 million transactions.
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A closer look at the transaction data reveals a steady increase in network activity each day. Specifically, the data from the 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 6,540 registered. Sunday, October 27.
With this increase in activity, the Shiba Inu community is seeing more interest in SHIB and related tokens like BONE, which is also benefiting from Shibarium. The increase in transaction activity increased the amount of BONE tokens returned as transaction costs, which is also good in terms of SHIB burning. This is because BONE payments collected from Shibarium are exchanged for SHIB tokens. These SHIB tokens are then burned and permanently removed from circulation, resulting in a decrease in the total supply of SHIB.
SHIB Price To Push To $0.00008?
The Shibarium has undoubtedly been one of the strongest pillars of the Shiba Inu ecosystem since its introduction. Hence, the uptick in Shibarium activity one of the first steps so that the price of SHIB returns to its high levels of around $0.00008.
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At the time of writing, SHIB is trading at $0.00001677 as well it lost its high above $0.000017 in the last 24 hours. While achieving $0.00008 would be a steep climb, continued growth in Shibarium usage could provide a solid foundation for future price gains.
Right now, the first step back to $0.00008 will be SHIB bulls creating a price low around $0.000017 or $0.0000165 that would negate any further declines. Anyway, it’s November and the upcoming US election promise it will be a good month of SHIB and the wider crypto sector.
The featured image was created with Dall.E, a chart from Tradingview.com
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