In a whirlwind turn of events, Shibarium, the Layer-2 blockchain solution for Shiba Inu, has experienced an astonishing surge of 375% in network activity overnight. Data from Shibariumscan reveals an unprecedented rise, with new transactions soaring from half a million on Feb. 9 to nearly 2 million on Feb. 10.
Such rapid escalation in network activity often hints at potential price fluctuations in associated cryptocurrencies. Correspondingly, this surge coincides with a sustained upward momentum in the price of Shiba Inu (SHIB). Following a period of subdued trading and declining volatility since late January, the SHIB token has witnessed a notable surge, registering an impressive 8% increase in just five days.
The anticipation surrounding the surge in Shiba Inu's quotes was palpable. Following a brief accumulation phase, the market decisively leaned toward the bullish side, propelling the price of the SHIB token accordingly.
Shiba Inu (SHIB) price outlook
Currently valued at $0.0000095 per token, SHIB hovers just over 5% below the coveted $0.00001 mark. With another leg of green candles on its price chart, the path to erasing that zero seems within reach for Shiba Inu.
The recent developments have injected newfound excitement into the world of meme-inspired cryptocurrencies. The question looms: Will Shibarium's surge in transaction activity sustain its momentum alongside the recent SHIB price rally? The answer remains uncertain, but one thing is clear — all eyes are on Shiba Inu in the days to come.