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Shiba Inu's Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB's Price Toward $0.00008?
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Shiba Inu’s Shibarium Sees Daily Transactions Surge To 4.68 Million, Will This Push SHIB’s Price Toward $0.00008?

Scott Matherson
Scott Matherson
7 months ago
3 mins read
Shiba Inu (SHIB) price

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Shiba Inu’s ecosystem has been expanding rapidly in the past year, thanks in part to Shibarium, its layer-2 platform. Interestingly, recent data shows Shibarium has seen an impressive uptick in activity, with daily transactions reaching 4.68 million in the past 24 hours. 

At the time of writing, SHIB is trading at $0.00001677 and is back into the negative movement in both the seven-day and 30-day timeframes. However, the uptick in activity has given SHIB investors something to watch closely to see if this momentum could drive the token’s price closer to $0.00008.

Shibarium Sees Surge In Transaction Activity

According to data from Shibariumscan, 4.68 million transactions were processed on the layer-2 network in the past 24 hours, which essentially kickstarts November on a good month. Speaking of November, it’s only been three days into the month, and Shibarium has already processed more than 13.4 million transactions.

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A closer look at the transaction data reveals a progressive rise in network activity each day. Particularly, data from Shibarium scan shows that 4.21 million transactions were processed on November 1, 4.53 million transactions were processed on November 2, and 4.68 transactions were processed on November 3. Interestingly, this represents an increase of about 103,800% from the 6,540 transactions registered on Sunday, October 27. 

With this spike in activity, the Shiba Inu community is seeing increased interest in SHIB and related tokens like BONE, which also benefits from Shibarium. The uptick in transaction activity has, in turn, increased the number of BONE tokens recouped as transaction fees, which is also positive in terms of SHIB burns. This is because the accumulated BONE fees on Shibarium are exchanged for SHIB tokens. These SHIB tokens are subsequently burned and permanently removed from circulation, leading to a reduction in the total supply of SHIB.

Shiba Inu Shibarium
Source: Shibarium

SHIB’s Price To Push Toward $0.00008?

Shibarium has undoubtedly been one of the strong pillars of the Shiba Inu ecosystem since its launch. Therefore, the uptick in Shibarium activity is one of the first steps for the SHIB price to return to its all-time high levels of around $0.00008.

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At the time of writing, SHIB is trading at $0.00001677 and has lost its footing above $0.000017 in the past 24 hours. While achieving $0.00008 would be a steep climb, sustained growth in Shibarium’s usage could provide a strong foundation for future price gains.

Right now, the first step towards a return to $0.00008 would be SHIB bulls creating a price floor around $0.000017 or $0.0000165 that would reject any further declines. Nonetheless, November and the upcoming US elections promise to be a bullish month for SHIB and the wider crypto industry.

Shiba Inu price chart from TradingView.com (Shibarium)
SHIB price could recover once again | Source: SHIBUSDT on TradingView.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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