The Shiba Inu ecosystem has been experiencing remarkable growth over the past year, driven significantly by Shibarium, its layer-2 platform. Recent data highlights an impressive surge in Shibarium’s activity, with daily transactions skyrocketing to 4.68 million in just the past 24 hours. This increase in activity provides a potential catalyst for Shiba Inu’s SHIB token, as investors watch closely for signs that could propel its price closer to the $0.00008 mark.
Shibarium’s Transaction Activity on the Rise
According to Shibariumscan data, the layer-2 network processed a staggering 4.68 million transactions in the last 24 hours, marking a promising start to November. In just three days, Shibarium has processed over 13.4 million transactions, showcasing a steady climb in network activity. This surge, compared to a mere 6,540 transactions on October 27, represents a significant increase of about 103,800%.
The heightened activity within Shibarium has spurred increased interest in SHIB and related tokens like BONE, which gains benefits from Shibarium’s growth. A notable consequence of this transaction boom is the rise in the number of BONE tokens recouped as transaction fees. These fees, accumulated on Shibarium, are exchanged for SHIB tokens, which are subsequently burned, permanently removing them from circulation and reducing the total supply of SHIB.
Can SHIB Aim for $0.00008?
Since its inception, Shibarium has emerged as a cornerstone of the Shiba Inu ecosystem. The recent uptick in Shibarium’s activity is a promising stride towards SHIB’s potential return to its all-time high levels of about $0.00008.
Currently, SHIB is trading at $0.00001677, having dipped below the $0.000017 mark in the past 24 hours. Achieving the $0.00008 level would be an ambitious target, but sustained growth in Shibarium’s usage could lay a robust foundation for future price gains. The first crucial step for SHIB bulls is to establish a price floor around $0.000017 or $0.0000165, which would help avert further declines.
Looking ahead, the month of November, coupled with the upcoming US elections, holds potential as a bullish period for SHIB and the broader cryptocurrency market. Investors remain optimistic about the possibility of SHIB’s price recovery, keeping a watchful eye on Shibarium’s continued expansion.
