Shiba Inu’s Shibarium Sees Triple-Digit Surge Across Major Metrics, What’s Going On?
June 17 2024 - 3:30PM
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Key Shibarium metrics suggest the Shiba Inu ecosystem might be
gearing up for a push to the upside. Notably, Shibarium’s
transaction data has seen triple-digit percentage jumps in
transactions and fees paid in BONE over the past week. This
suggests Shiba Inu might be receiving increased attention from
traders, a scenario that may result in SHIB rebounding at a crucial
support level during the course of the week. Shibarium Sees Massive
Surge In Activity Over the Weekend According to the latest data,
transactions on the Shibarium network exploded over the weekend,
soaring a whopping 441% on Saturday. Over 13,190 transactions were
recorded on Shibarium on Saturday, up from just under 3,500 earlier
in the week. The massive surge in activity led to higher fees on
the network as it strained under the increased load. Related
Reading: Spot Ethereum ETFs Expected To Begin Trading On July 2,
Can This Propel ETH To $10,000? Consequently, the average fees paid
in BONE on Shibarium transactions jumped 176%. Furthermore, data
from Shibariumscan indicates that 154 new accounts were created on
Sunday, a 1,600% increase from 9 new accounts created on Monday,
June 10. Interestingly, these numbers are small compared to
metrics recorded on Shibarium earlier in the year. However, their
increases have come during a particularly bearish period for the
Shiba Inu community. This is a positive sign for SHIB price, as the
increase in transactions increases the amount of gas fees, which in
turn increases the number of SHIB tokens to be burned. Current
State Of Shiba Inu At the time of writing, SHIB is trading at
$0.00002013 and is currently down by 2.21% in the past 24 hours.
Notably, SHIB has declined for the past seven days amidst a wider
market price drop led by Bitcoin. Consequently, SHIB has lost
13.11% of its market cap in the past seven days as traders continue
to exit their long positions. SHIB now finds itself trading around
the psychological $0.000020 price zone and could even break down
further despite Shibarium’s transaction surge over the weekend.
According to data from IntoTheBlock, only about 3.97 trillion SHIB
tokens purchased by 5,270 addresses serve as resistance at this
price level. If SHIB fails to defend this support and breaks below,
the next key level is at $0.000190, where 4,310 addresses are
currently holding 6.21 trillion SHIB tokens. Related Reading:
Ethereum: 200,000 ETH Options Expiry Spurs Demand – How Far Can
Price Go? Lucie, Shiba Inu’s marketing lead, recently hinted at an
airdrop for everyone who bridged to Shibarium in the first year,
sparking interest from Shib enthusiasts. Nevertheless, Lucie
provided clarification and noted that this is merely an imaginary
scenario and does not guarantee anything. “THIS IS A HYPOTHETICAL
QUESTION PROMISING NOTHING. JUST WONDERING,” Lucie said on social
media platform X. Featured image from Coinfomania, chart from
Tradingview.com
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