In a surprising turn of events, Shiba Inu's Layer-2 blockchain solution, Shibarium, experienced a phenomenal surge in transaction activity over the last 24 hours.
Shibariumscan data revealed an extraordinary spike, with the number of processed transactions skyrocketing from 4.37 million to an impressive 6.19 million — a staggering increase of more than 141% in just one day.
This unexpected surge comes at a crucial time for Shiba Inu, as the cryptocurrency had witnessed a decline in activity in recent weeks, with daily transactions dropping from 7.52 million to less than 4.5 million since the close of 2023, marking a low point lasting over a month.
However, the sudden spike in Shibarium's transaction activity has injected new life into the Shiba Inu ecosystem, leaving industry observers speculating about the future trajectory.
Is SHIB ready?
Simultaneously, the price of Shiba Inu's native token SHIB displayed notable dynamics. Recovering impressively by more than 19% after a recent large-scale dip, SHIB managed to climb back to $0.00000984. While still shy of a more attractive figure with only four zeros after the decimal point, this recovery raises questions about the potential for SHIB to erase one of those zeros.
The focal point of attention now centers around whether this surge in Shibarium's transaction activity is indicative of a sustained recovery or merely a short-term rebound for Shiba Inu.
The community eagerly awaits to see if the Shiba Inu token can regain its momentum amid renewed activity in Shibarium, prompting the question: Is the SHIB price ready to erase a zero?