Shibarium Soars 388%: What Does This Mean?
Shibarium, a layer two solution of the Shiba Inu ecosystem, is seeing a noticeable increase in its online activity. Data from Shibarium Scan shows a staggering increase in Shiba Inu transaction fee figures.
Transaction fees on Shib spiked 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23. This increase is indicative of the explosive demand the network has been experiencing recently, signifying the token’s success regardless of fluctuating market dynamics.
The statement further states that the average block size on Shibarium has also seen an increase in size. The development hints at the growing interest in the said sector, symbolizing the Shiba Inu’s unparalleled popularity and usage. The block size then increased by 28.9%, highlighting the fact that blocks are carrying additional data to accommodate the growing number of users on the network.
The new transaction records on Shibarium have seen a perfect spike of 178.55%, further cementing the success of the entire SHIB ecosystem. Although the token price has been slowly and gradually increasing recently, its pace has not deterred community enthusiasts who have long been vying for the token to reach and surpass the $0.01 mark.
Data soar, hopes soar
The positive spike in Shibarium metrics has once again sparked new hopes in the minds of community members. SHIB enthusiasts, known for their dedicated and devoted support for the ecosystem, are now lining up, patiently waiting for the token to enter the bull run soon.
According to CoinCodex, SHIB could drop 5% by the end of June 2024, which could force its price to trade at $0.00001656.
“According to our current Shiba Inu price prediction, Shiba Inu price is predicted to decrease -4.98% and reach 0.00001656 USD by July 25, 2024. According to our technical indicators, Current sentiment is Bearish while the Fear & Greed Index is showing 30 (Fear). Shiba Inu recorded 11/30 (37%) with a price movement of 13.76% over the past 30 days.”
However, with new infrastructure development underway, SHIB intends to regain its lost value and strength in this sector. Shiba Inu developers recently announced plans to launch a blockchain version of their game Shiba Eternity to attract new users. Such changes could usher in new price action for SHIB, which could turn the tide for its ecosystem in the long run.
