Shibarium’s 267% Transaction Surge: SHIB Gains Momentum

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In recent days, Shibarium, the Ethereum-based layer-2 scaling solution, has experienced a sharp increase in daily transactions. Data from Shibariumscam reveals that between September 16 and September 19, transactions surged by 267%, rising from 3,090 to 11,360. This growth pattern is not unusual for Shibarium, but the current increase highlights a notable trend within the network.

Shibarium Adoption Boosts SHIB Price

The increase in Shibarium transactions reflects the rising adoption of the layer-2 solution, which plays a significant role in the Shiba Inu (SHIB) ecosystem. As transaction activity on Shibarium increases, it often has a direct impact on the price of SHIB.

_{Shibarium Transactions Count Source: Shibariumscan}

Historically, higher transaction counts have correlated with price rallies for the popular meme coin. For example, on August 20, when Shibarium transactions reached 28,680, SHIB traded at $0.000015, marking one of its highest price points. However, as the transaction count fell to 1,890 by September 9, SHIB also dropped, hitting a four-week low of $0.000012 on September 6.

Currently, both Shibarium transaction activity and the price of SHIB are recovering. As of this writing, SHIB is priced at $0.00001442, reflecting a 1.2% gain over the past 24 hours. This uptick follows a price decline over the last two weeks.

Whale Activity and Token Burn Boost SHIB Sentiment

There are growing indications that Shiba Inu may be gearing up for a significant move. Large investors, or “whales,” have been actively trading billions of SHIB tokens, and the Shiba Inu burn rate has seen a noticeable boost in the past week. These factors contribute to the overall bullish sentiment surrounding SHIB.

With the current positive market trends, SHIB has become a strong performer in the cryptocurrency space. Should these trends continue, SHIB may break through the $0.000016 resistance level and potentially reach new highs in the coming weeks.