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Shibarium Transactions Surge by 50% as Shiba Inu Expands Utility

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Fri, 24/11/2023 - 11:40
Shibarium Transactions Surge by 50% as Shiba Inu Expands Utility
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Shiba Inu Layer-2 platform Shibarium has seen a noticeable surge in transactions in the last 24 hours. Daily transactions surged by as much as 50% for the Layer-2 platform in the last 24 hours.

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Shiba Inu team member Lucie drew attention to the surge in Shibarium daily transactions, which now stand at 43,690. This is a noticeable increase from the prior day's transaction count of 29,280.

As reported, Shibarium has crossed the four million mark in its total transactions. Per Shibarium explorer Shibariumscan, the Layer-2 platform has reached 4,130, 478 in total transactions.

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At the moment, there are 1,270,892 wallet addresses. The total number of blocks has reached 1,790,213, with an average block time of 6.0 seconds.

SHIB price action

Shiba Inu saw a sharp rebound from lows of $0.00000761 attained on Nov. 21. Since then, the dog-themed cryptocurrency has been steadily rising as bulls attempt to get a foothold above $0.000008.

At the time of writing, SHIB was up 0.62% in the last 24 hours to $0.00000822. If the rally continues, SHIB may aim for the $0.0000091 level next, where bears may mount a resistance.

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If the $0.000009 range is well breached, SHIB might aim to erase a zero from its price. On the other hand, Shiba Inu might find support at the daily moving averages of 50 and 200 at $0.00000796 and $0.00000778 if declines occur.

The Shiba Inu daily burn rate has returned to the green as, in the past 24 hours, a total of 12,400,814 SHIB tokens was burned in five transactions, per Shibburn data.

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