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In the world of cryptocurrency, Shiba Inu‘s (SHIB) Layer 2 network Shibarium appears to be taking significant steps, as evidenced by a notable increase in daily transactions on the network. This surge has particularly drawn the attention of crypto traders and investors following numerous upgrade announcements for Shibarium by the Shiba Inu community.
The Rise of Shiba Inu’s Shibarium
According to data from DeFiLlama, Shibarium recently experienced a brief spike in Total Value Locked (TVL) exceeding $1 million, indicating strong security and traders’ confidence in the platform. Notably, the dominance of a leading decentralized exchange (DEX) on Shibarium, MARSWAP, reached 56%, further underscoring the platform’s strength and appeal.
Amid these developments, Shiba Inu’s price has shown notable fluctuations in the markets, leading to increased analysis and speculation among crypto enthusiasts.
The recent surge in Shibarium’s daily transactions to 3 million and its TVL approaching $1 million once again closely reflect the Shiba Inu community’s efforts to enhance the token ecosystem. With upcoming launches like SHEboshi, utility token Shiboshi, and KNINE, Shibarium seems poised to play a significant role in the crypto world. Currently, Shibarium’s TVL stands at $990.79 thousand, and the total transaction count has reached 360.09 million, aligning with Shiba Inu’s latest developments and fueling optimism for the altcoin’s future.
Current Price Status of SHIB
In addition to on-chain data, derivative data points to increased activity for Shiba Inu, as reflected in rising open interest and volume. Such increased activities occasionally contribute to price fluctuations, as observed in Shiba Inu’s recent price movements.
With the latest data, SHIB’s price has shown a modest increase of 0.21% in the last 24 hours, currently trading at $0.00000982. Despite minor fluctuations, the altcoin has broken through the resistance level of $0.0000095 and is largely maintaining a positive trend, consolidating between $0.0000095 and $0.0000098.
Ongoing token burns and recent community initiatives are expected to support Shiba Inu’s upward trend, with Relative Strength Index (RSI) indicators signaling the continuation of the bullish momentum.
