Shibarium Transactions Surge by 50% as Shiba Inu Expands Utility

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.

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.

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.

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.