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Shibarium Transactions at All-Time High, What's Really Happening?

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Sat, 2/12/2023 - 9:44
Shibarium Transactions at All-Time High, What's Really Happening?
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Shibarium is on a major parabolic run in terms of its total transactions after recording a never-before-seen spike in its daily transactions. Data from Shibariumscan shows that total daily transactions as of Dec. 1 jumped to 5.11 million. This figure pushed the total transactions recorded on Shibarium to date to 12,098,567.

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While this transaction count is not an alien figure in the Ethereum Layer-2 world, it is highly strange for Shibarium and the broader Shiba Inu ecosystem. The biggest spike recorded since its inception in August to date was recorded earlier this week, when the daily transactions breached the 700,000 resistance point.

However, the current figures have flattened out all ticks before now, sending a signal that a new era might have kicked in for Shibarium. The reasons for these spikes currently seem elusive, however, it showcases the start of a new major rediscovery for Shibarium, with the community now fully publicizing the growing transaction spike and its accompanying volume.

The milestone in transaction counts has positioned Shibarium as a serious contender in the L2 race, especially with its chain staying unbroken with the enormous load it just started handling.

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Implications for SHIB and BONE

The ongoing surge in Shibarium transactions has spurred a recovery in the price of SHIB, which is changing hands at $0.000008398 at the time of writing atop a 3% gain overnight. Notably, Bone ShibaSwap (BONE), the native token of the Shibarium protocol, has also seen a 15.64% jump in its price to $0.7236.

As expected, the BONE trading volume has spiked 85% to $11,627,929 as more traders are now choosing to align with the asset for its potential to soar. Shiba Inu’s consistent burn rates and community hype with the core team at the forefront have positioned Shibarium in a good light, and the publicity currently appears to be paying off.

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