According to Shibariumscan Explorer, there has been a significant decrease in activity in the Layer-2 solution Shibarium during the last several days.
Meanwhile, SHIB, the second most well-known cryptocurrency with a meme theme, is starting to rise in price as a result of the market’s positive momentum.
SHIB skyrockets while Shibarium activity falls
According to the previously indicated data source, the number of daily transactions decreased by 88.24% between August 20 and August 23, when it was 28,680, an astounding number, on the chart. That was the only peak this statistic attained in the last month.
This week, the total number of transactions crossed the 418 million mark, and it is presently at 418,110,651. There are 1,812,852 blockchain wallets linked to Shibarium. 6,465,916 blocks have been produced on Shibarium.
After a brief surge, the daily transaction activity resumed its usual pace, however during the last day, the SHIB price has increased impressively.
Bitcoin soars, Shiba Inu follows suit
SHIB increased in value by almost 8.5%, crossing the $0.00001425 price threshold and reaching the $0.00001546 price level. In all, the second-largest meme cryptocurrency has increased by 18.50% since the beginning of the week.
The price of Shiba Inu has followed Bitcoin’s trend, much like that of many other cryptocurrencies. The leading cryptocurrency has surged by almost 6% in the last 24 hours, regaining the $64,000 price tag after previously hovering at $60,700.
Following Jerome Powell’s announcement that interest rate reductions by the Fed are now possible, the price of Bitcoin surged. Bitcoin benefited from this element, which allowed it to continue rising after fluctuating between $60,000 and $61,000.
