In the midst of gathering significant data, Shibarium transactions displayed an extraordinary 160% increase within 24 hours. According to data from Shibariumscan, transactions in the Ethereum Layer-2 scaling solution reached 562,980, a significant rise from the 352,000 recorded just a few hours earlier. This is still far from the peak of 958,500 seen nearly two days before a massive 63.2% drop.
Daily Transactions on Shibarium Increase
About two weeks ago, it was reported that Shibarium’s daily transactions had increased by 1000%. They rose from approximately 6,410 to 75,800 in exactly 24 hours, marking a 1082% increase. Despite this massive growth, it still trails behind the record transaction volumes witnessed earlier this year. The 160% transaction increase and the figure surpassing half a million indicate a return to Shibarium’s former position in the L2 ecosystem. Overall, this brings the total number of transactions completed on the Shibarium network since its launch in August 2023 to 415 million.
This increase also offers enhanced scalability, reduced transaction fees, and improved speed to the Shiba Inu ecosystem. Additionally, about 100,000 new wallets were added, bringing the total to 1.782 million addresses. Alongside daily transaction fluctuations in L2, other key metrics in the Shibarium network maintained stability in performance. Notably, these fluctuations have not diminished user interest in the network. Historically, such bursts of activity often indicate a potential bullish movement in price.
Price Movement in SHIB
Therefore, a reaction in the transaction volume of tokens within the Shiba Inu ecosystem is expected. The price of Shiba Inu (SHIB) increased by 6.20% as the cryptocurrency is currently trading at $0.00002274. Shiba Inu’s BONE also saw a 6.12% increase over the last 24 hours, trading at $0.6163. The stated price values suggest that the increase in activity in Shibarium could have positively influenced these altcoins’ prices. These improvements in Shiba Inu-linked tokens indicate a positive trend in the broader market. This revived rally could be justified by the overall change in the game due to Bitcoin halving sensitivity. It remains to be seen how long this recovery will last.
