Shibarium Key Indicator Rises 70% As Shiba Inu (SHIB) Price Flashes Green – Details

TL;DR

Shibarium saw a 70% increase in daily transactions, indicating renewed activity. SHIB price rose almost 10%, but caution is advised due to possible overbought conditions. Finally a resurgence

Shiba Inu’s layer 2 scaling solution has experienced low activity in recent weeks, halting its progress seen earlier this year. However, some metrics have skyrocketed in the last 24 hours.

The data shows that the network processed 7,715 new transactions on September 18, a 70% increase compared to 4,537 on September 17.

Other Shibarium indicators that have headed north on a daily basis include the number of new verified contracts and active accounts.

The L2 blockchain solution was officially launched last August. It is specifically designed to foster the development of the Shiba Inu ecosystem by reducing transaction fees, increasing speed and improving scalability.

Not long ago, the team adopted a burning mechanism called “Burning Portal”. Its ultimate goal is to reduce the circulating supply of SHIB tokens, making them scarcer and potentially more valuable over time.

The program is directly linked to the operations of the Shibarium blockchain. Every time a transaction occurs on the network, a fraction of the costs paid in Bone ShibaSwap (BONE) is used to buy SHIB tokens on the open market. This amount is then transferred to a null address.

Instead, the original mechanism employed by Shiba Inu relies heavily on community-driven initiatives and voluntary token burns by holders rather than an automated or protocol-based process.

For more updates on the ecosystem, be sure to check out our Shibarium News.

SHIB Price Outlook

Some industry participants believe that Shibarium’s subsequent breakthrough could be among the factors triggering a bull run for the Shiba Inu. The price of meme coin has skyrocketed by nearly 10% in the last 24 hours, currently trading around $0.00001427 (according to CoinGecko data).

SHIB Price, Source: CoinGecko

The increase coincides with a general resurgence in the cryptocurrency market where Bitcoin (BTC) broke above $63,000 for the first time since late August. The bullish environment was likely fueled by the US Federal Reserve, which cut interest rates by 0.5%.

Despite SHIB’s impressive return, traders should enter the ecosystem with caution due to the volatile nature of the asset and its rising Relative Strength Index (RSI). The technical analysis tool measures the change and speed of price movements and helps traders assess overbought or oversold conditions.

It ranges from 0 to 100, with readings above 70 indicating overbought territory and the potential for a price decline. The ratio reached that mark today (September 19).

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