SHIB Price Breaks Out Despite Shibarium's 88.24% Key Metric Plunge

Shibariumscan explorer reveals that over the past few days, the Layer-2 solution Shibarium has experienced a major decline in activity.

In the meantime, the price of the second most popular meme-themed cryptocurrency SHIB is breaking out, following the bullish momentum in the market.

SHIB skyrockets while Shibarium activity falls

The aforementioned data source shows a decline of 88.24% in daily transaction count as it fell from an impressive 28,680 on Aug. 20 to 3,370 displayed on the chart on Aug. 23. Over the past month, that was the only peak reached in this metric.

As for the total transaction count, it surpassed the 418 million threshold this week and is currently sitting at 418,110,651. The number of blockchain wallets connected to Shibarium equals 1,812,852. The number of blocks generated on Shibarium is 6,465,916.

While this daily transaction activity returned to its regular pace from a sudden peak, the SHIB price has demonstrated impressive growth during the last 24 hours.

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Bitcoin soars, Shiba Inu follows suit

SHIB surged by approximately 8.5%, leaving behind the $0.00001425 price mark and hitting the $0.00001546 price level. Overall, since the start of the week, the second largest meme cryptocurrency has added 18.50%.

As with many other altcoins, the Shiba Inu price trajectory has been following that of Bitcoin. During the past day, the flagship cryptocurrency has spiked by more than 6% and recaptured the $64,000 price tag, soaring from the $60,700 zone.

The Bitcoin price skyrocketed after the head of the Fed Reserve Jerome Powell announced that the Fed is now likely to start cutting interest rates. This factor had a positive impact on Bitcoin, allowing it to resume its upward trend after trading in the range between $60,000 and $61,000.