Unexpectedly, Shibarium—the Layer-2 blockchain technology connected to the Shiba Inu cryptocurrency—has seen a notable uptick in transaction volume, signifying a critical turning point for the SHIB ecosystem.
Shibarium has had a startling 231% surge in transactions in the last day, rising from 14,980 to an astounding 34,670.
With this spike, which is the largest in the last 30 days, Shibarium has now completed 4.04 million transactions overall since its official launch in August.
It’s interesting to observe that significant price swings in the Shiba Inu token, SHIB, correlated with the rise in Shibarium transactions. In the past 24 hours, the value of SHIB dropped by 10.6%. The cryptocurrency quickly recovered, though, rising 5.2% to $0.000008 per SHIB.
Notably, BONE, the key component of Shibarium and another token in the Shiba Inu ecosystem, also had notable price fluctuations around that time. After a 6.12% decline, BONE has already bounced back by 2.81%, maintaining critical support levels.
There has been conjecture in the community due to the fascinating relationship found between the spike in Shibarium transactions and the notable price swings of SHIB and BONE.
Whales awakening?
Some speculate that the positive green candles that are shown on the SHIB and BONE price charts today are the result of deliberate moves made by powerful market participants who took advantage of the price decline.
Investors and lovers are keen to understand the underlying causes behind these extraordinary market fluctuations as the Shiba Inu ecosystem continues to develop and the spike in Shibarium transactions adds a new chapter to the story.
