Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shibarium, the layer-2 blockchain associated with the meme-inspired cryptocurrency Shiba Inu (SHIB), has experienced a staggering surge of 128% in network activity. Data sourced from Shibariumscan indicates a remarkable spike, with daily transactions soaring from 1.07 million to an impressive 2.44 million in just a span of two days.
This surge in network activity echoes previous instances where Shibarium witnessed significant spikes, notably toward the end of 2023, when daily transactions peaked at nearly 7.5 million. Such exponential growth in network activity often hints at potential price fluctuations within the associated cryptocurrencies.
For instance, during the aforementioned period in late 2023, Shibarium's heightened activity coincided with a remarkable 71% rally in the price of SHIB.
Shibarium and SHIB price correlation
The current surge in Shibarium's activity aligns with a sustained upward trajectory in SHIB's price. Over the past fortnight, SHIB's value has surged by over 12%, escalating from $0.0000088 to $0.0000098. Notably, a 4% uptick was recorded in the past three days, coinciding perfectly with the 128% surge in Shibarium activity.
At its current valuation of $0.0000098 per token, SHIB rests close to the coveted $0.00001 threshold, standing just a couple percent shy of this symbolic milestone. With a series of positive price movements symbolized by green candles on its price chart, the prospect of breaching this psychological barrier appears increasingly plausible for Shiba Inu.
These recent developments within the Shiba Inu ecosystem are likely to reignite enthusiasm for this beloved crypto project. However, the critical question looms: will the surge in Shibarium's transactional activity sustain its momentum amid the ongoing SHIB price rally?
The answer to this remains uncertain, but what is undeniable is the heightened attention Shiba Inu will command in the days ahead, as both Shibarium and SHIB continue to go up in numbers.
Arman Shirinyan
Alex Dovbnya
