Shibarium, the layer-2 blockchain connected with the meme-inspired cryptocurrency Shiba Inu (SHIB), has seen an astounding 128% increase in network activity. Shibariumscan data shows a tremendous rise, with daily transactions increasing from 1.07 million to 2.44 million in just two days.
This rise in network activity is similar to other periods in which Shibarium had huge surges, most notably towards the end of 2023, when daily transactions reached at over 7.5 million. Such exponential development in network activity frequently indicates probable price swings in the connected cryptocurrencies.
For example, during the aforementioned period in late 2023, Shibarium’s increased activity corresponded with an impressive 71% surge in the price of SHIB.
Shibarium and SHIB price correlation
The present rise of Shibarium activity is consistent with a persistent rising trend in SHIB’s pricing. Over the last fortnight, SHIB’s value has increased by more than 12%, rising from $0.0000088 to $0.0000098. Notably, a 4% increase was seen in the last three days, aligning exactly with the 128% increase in Shibarium activity.
At its current worth of $0.0000098 per token, SHIB is only a few percent away from the desired $0.00001 level. With a string of bullish price moves represented by green candles on its price chart, Shiba Inu’s chances of breaking through this psychological barrier look to be improving.
These new changes within the Shiba Inu ecosystem are expected to rekindle interest in this cherished cryptocurrency project. However, the crucial issue remains: can the spike in Shibarium transactional activity continue with the continuing SHIB price rally?
The answer is yet unknown, but one thing is certain: Shiba Inu will command more attention in the next days, as both Shibarium and SHIB continue to grow in popularity.
