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Shiba Inu's Shibarium Skyrockets 3,436% in New Accounts in 24 Hours

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Wed, 5/06/2024 - 7:51
Shiba Inu's Shibarium Skyrockets 3,436% in New Accounts in 24 Hours
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Shiba Inu's blockchain platform, Shibarium, has seen a significant increase in activity, with the number of new accounts rising by 3,436% in just 24 hours. Data from Shibariumscan shows that new accounts on the network jumped from 30 to 1,031 overnight, indicating a substantial rise in user engagement.

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This increase follows concerns about Shibarium's declining activity and attention. The rapid change within a single day has altered this narrative. In addition to the rise in new accounts, the transaction volume on the Shibarium network also increased, growing from 4,751 to 8,527 transactions. This represents an 80% increase in transaction activity over the same period.

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Source: Shibariumscan

At the same time, if we judge by the figure of active accounts for the period in question, it grew by 1,243 accounts per day, which means that all transaction activity on Shibarium was provided by new users.

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What is behind such an anomalous surge in blockchain activity from Shiba Inu? It is an open question but is probably based on the momentum of the price of SHIB - a popular meme-inspired cryptocurrency - which has been rising by almost 5% since the opening of a new daily candle on its chart. 

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SHIB to USD by CoinMarketCap

Usually, activity on the network is a precursor to the price movements of related tokens, but apparently in the case of Shiba Inu we are now seeing the opposite story.

This spike in user engagement and transaction volume could indicate a new phase of growth for Shibarium. The coming days will be important in determining whether this increase represents a sustainable trend or a temporary anomaly.

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