Shibarium, the layer-2 solution for the Shiba Inu ecosystem, has witnessed an extraordinary surge in user engagement and transaction volume, propelling the SHIB token’s ecosystem to new heights.

On Tuesday, analysts reported a remarkable spike in Shibarium’s activity. The number of active accounts exceeded 25,800, representing an impressive 80% increase within 24 hours. Concurrently, the network processed a staggering 958,438 transactions, marking an astounding 128.46% surge in transaction volume during the same period.

This surge in activity comes amidst a wave of adoption, with Shibarium welcoming 375,124 new wallets since April 13. These developments underscore the increasing adoption and utility of Shibarium’s layer-2 technology.

Meanwhile, amidst this growth, the SHIB community has maintained its optimism. Shibarium’s marketing lead, LucieSHIB, recently defended the network’s advancements and emphasised the commitment to building a robust and enduring platform. 

“Every time someone sends me a screenshot of someone mocking Shibarium as a “dead chain,” it reminds me of the times when they were calling SHIB dead…growing something serious and truly stable—without actually paying projects to join—takes time and will be rewarded…The future is bright because we won’t give up.” She wrote.

Despite the ongoing market correction, the impressive growth of Shibarium’s economic activity could propel the Shiba Inu token (SHIB) to new heights. Examining the daily chart, the price is constrained in a bullish pennant pattern, indicating a forthcoming price surge.

However, SHIB has dipped below the critical 50-day moving average, signalling a need for a resurgence above this level to reignite positive momentum. Trading activity appears subdued, with volume in the past 72 hours slumping by just over 6% to $846 million, reflecting a lack of confidence in SHIB. Furthermore, the Relative Strength Index (RSI) indicates selling pressure has outweighed buying activity, contributing to the token’s depreciation.

Nevertheless, on the weekly timeframe, SHIB’s price trajectory suggests it remains within a broader bullish trend, with traders eyeing a potential upward momentum after a recent bounce off the yearly support level at $0.000018.

At press time, SHIB was trading at $0.000022, reflecting a 2.30% surge over the past 24 hours.

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Filed under: Bitcoin - @ April 18, 2024 8:08 pm