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Shiba Inu Sees 50% Surge in Shibarium Activity as SHIB Price Finds Key Support

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Mon, 12/02/2024 - 12:49
Shiba Inu Sees 50% Surge in Shibarium Activity as SHIB Price Finds Key Support
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In a significant development, Shiba Inu's blockchain platform, Shibarium, has witnessed a remarkable surge in activity. Over the past 24 hours, the number of active accounts engaged in transactions on Shibarium soared to 732, marking a staggering 50% increase compared to the previous day. 

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This surge, notably, seems to be predominantly driven by the heightened participation of established Shibarium accounts rather than a surge in new registrations, according to Shibariumscan data.

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As of the latest data, the total tally of accounts within the Shibarium ecosystem stands impressively at 63,681, accompanied by a substantial 1.351 million total addresses. The daily transaction volume on the network has also seen a robust figure of 2.04 million, underscoring the growing vibrancy of Shibarium.

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Source: Shibariumscan

Interestingly, this surge in Shibarium activity coincides with notable price movements of the Shiba Inu token itself. 

Shiba Inu (SHIB) price outlook

Over the same 24-hour period, the token experienced a sell-off, trading at $0.00000965 per token following a recent 8.9% rally observed in the preceding week. This downward movement resulted in a 4.1% decline in the SHIB price. 

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SHIB to USD by CoinMarketCap

However, it is worth noting that SHIB found crucial support around the $0.0000092 mark, suggesting a potential stabilization point for the meme-inspired cryptocurrency.

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Shiba Inu Is About to Break 1.3 Trillion SHIB Resistance

Despite the recent price decline, optimism remains among SHIB investors as the token aims to consolidate around its support zone, potentially paving the way for renewed upward momentum. With the crypto market eagerly watching, SHIB finds itself at yet another crucial juncture, continuing to captivate the attention of enthusiasts and investors.

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