Imminent signs from key Shibarium metrics suggest the Shiba Inu ecosystem may be gearing up for a significant shift to the upside. In the past week, the transaction data of Shibarium has witnessed a meteoric rise, exhibiting triple-digit percentage surges in both transactions and fees, all paid in BONE. This indicator suggests notably escalated attention from the trading community, which could catalyze a significant rebound for SHIB at a pivotal support level within the week.
Over the past weekend, a groundswell of activity enveloped the Shibarium network. Transactions skyrocketed by an astonishing 441% on Saturday alone. From a humble count of just under 3,500 earlier that week, the network witnessed over 13,190 transactions on Saturday. This torrential surge of activity taxed the network significantly, resulting in elevated fees.
As a consequence, the mean fees paid in BONE for Shibarium transactions leaped a substantial 176%. Further data derived from Shibariumscan reveals that on Sunday alone, 159 new accounts were launched. This represents an mind-numbing 1,600% increase from the creation of just nine new accounts the previous Monday.
Despite these impressive figures, they relatively small compared to data points hoisted by Shibarium early in the year. However, the fact that these surges occurred during a distinctly bearish interim for the Shiba Inu community is a promising sign for the SHIB price. With the increase of transactions comes the increase of gas fees, which in turn propels the number of SHIB tokens destined for the burn pile.
At this moment, SHIB is exchanging hands at $0.00002013. While it’s down by a mere 2.21% in the past 24 hours, over the past week SHIB’s performance has been marked by a steady decline, driven by a broader market slump led by Bitcoin. The knock-on effect of this has resulted in SHIB losing 13.11% of its market cap over the past seven days due to traders vacating their long positions.
Currently, SHIB is trading around the psychologically significant $0.000020 price zone. Despite the surge in Shibarium’s transactions over the weekend, it is possible for SHIB to possibly dip even further. According to data from IntoTheBlock, just under 4 trillion SHIB tokens purchased by 5,270 addresses stand as resistance at this price level. If SHIB fails to maintain this support level and falls below, the next significant level to watch is at $0.000190, where 4,310 addresses are holding 6.21 trillion SHIB tokens.
Recently, Lucie, Shiba Inu’s marketing lead, hinted at an airdrop for everyone involved with Shibarium during its first year. This ignited interest among the Shiba Inu community. However, Lucie was quick to clarify, noting this was purely speculative thinking and not a promise of any kind. Lucie emphasized this on a popular social media platform, stating, “THIS IS A HYPOTHETICAL QUESTION PROMISING NOTHING. JUST WONDERING.”
