The Shiba Inu ecosystem has been expanding rapidly over the past year, bolstered particularly by the advancements of Shibarium, its layer-2 platform. Recent data highlights a significant uptick in Shibarium’s activity, with a staggering 4.68 million daily transactions recorded in the past 24 hours.
Currently, SHIB is trading at $0.00001677, showing a negative trend over both the past seven days and 30-day periods. Nonetheless, the surge in transaction activity has caught the attention of SHIB investors, raising hopes that this momentum might push the token price closer to the $0.00008 mark.
According to Shibariumscan, a total of 4.68 million transactions have been processed on the layer-2 network in just the past 24 hours, kicking off November with a strong start. Notably, the first three days of November have already seen Shibarium process over 13.4 million transactions.
A deeper dive into the transaction data reveals a daily rise in network activity. Specifically, Shibarium scan data shows that 4.21 million transactions were processed on November 1, followed by 4.53 million on November 2, and culminating in 4.68 million on November 3. This is a remarkable increase of approximately 103,800% from the 6,540 transactions logged just days earlier on October 27.
The spike in activity has heightened interest in SHIB and related tokens like BONE, which also reaps benefits from Shibarium. Increased transaction activity has led to a higher number of BONE tokens being recouped as transaction fees. These BONE tokens are converted into SHIB tokens, which are subsequently burned, permanently removing them from circulation and thereby reducing the total supply of SHIB.
Since its inception, Shibarium has been a cornerstone of the Shiba Inu ecosystem. The recent uptick in Shibarium’s activity could be an essential first step in driving SHIB’s price back to its all-time high levels around $0.00008.
Currently trading at $0.00001677, SHIB has slipped below the $0.000017 mark within the last 24 hours. Achieving the $0.00008 target would be a considerable challenge, yet ongoing growth in Shibarium’s usage could provide a solid foundation for future price increases.
The immediate goal for SHIB bulls would be to establish a price floor around $0.000017 or $0.0000165 to ward off any further declines. With November underway and the US elections approaching, the month holds potential to be bullish for both SHIB and the broader crypto industry.
