Shiba Inu’s Shibarium ecosystem is showing signs of increased activity, indicating a potential upward trend. Transaction data on Shibarium has seen significant triple-digit percentage increases in both transactions and fees paid in BONE over the past week. This surge in activity suggests that Shiba Inu is attracting more attention from traders, which could lead to a rebound in SHIB at a critical support level in the coming days.
Over the weekend, transactions on the Shibarium network skyrocketed by 441%, with over 13,190 transactions recorded on Saturday alone. This surge in activity also led to a 176% increase in average fees paid in BONE on Shibarium transactions. Additionally, data from Shibariumscan shows a 1,600% increase in new accounts created on Sunday compared to the previous week.
While these numbers are relatively small compared to earlier metrics on Shibarium, they are significant considering the bearish market conditions for the Shiba Inu community. The increase in transactions could positively impact the price of SHIB by increasing gas fees and subsequently burning more SHIB tokens.
Currently, SHIB is trading at $0.00002013 and has experienced a 2.21% decline in the past 24 hours. Over the past week, SHIB has lost 13.11% of its market cap amid a broader market downturn led by Bitcoin. Despite the surge in Shibarium transactions over the weekend, SHIB faces resistance around the $0.000020 price level, with potential support at $0.000019.
Lucie, Shiba Inu’s marketing lead, hinted at a possible airdrop for users who bridged to Shibarium in the first year. However, she clarified that this was merely a hypothetical scenario and not a guarantee of any future airdrops.
In conclusion, the increased activity on Shibarium is a positive sign for the Shiba Inu ecosystem, potentially impacting the price of SHIB in the near future. Traders and investors should keep an eye on Shibarium metrics and market trends to navigate the volatile crypto market effectively.