Shibarium Sees Surge In Transaction Numbers
Since its launch, Shibarium, the Ethereum Layer network from the Shiba Inu team, has experienced fluctuations in performance. Following an initial surge, interest waned, leading to a decline in figures. However, recent days have seen a significant increase in transaction numbers on the network.
Transactions Soar 288%
In the past few days, there has been a notable spike in the number of transactions on the Shibarium network. From November 19 to November 22, the network’s total transactions jumped from 8,930 to 34,670, reflecting a 288% increase in just three days. This brings the total number of transactions since the network’s inception to over 3.578 million.
Other Network Activities
While transaction numbers have surged, there has been a smaller increase in active accounts. However, the number of new blocks created on Shibarium has decreased by 20% between November 20 and November 22.
Market Trends
Despite the spike in network activity, the price of Shiba Inu has not followed suit. Instead, the meme coin has experienced losses, particularly on the 24-hour chart, which is likely due to the general downturn in the crypto market.
Following Changpeng Zhao’s announcement of stepping down as the CEO of Binance and the exchange’s agreement to a $4 billion fine with the DOJ, the crypto market saw a crash, with Bitcoin’s price dropping before a recovery. Currently, Shiba Inu’s price is down 3.62% at $0.000008061, correlated with the downward trend in Bitcoin’s price.
Hot Take
While Shibarium has experienced a substantial increase in transaction numbers, Shiba Inu’s price has not followed this trend, reflecting the overall downturn in the crypto market. The correlation between Bitcoin’s price and Shiba Inu’s price suggests that a recovery in Bitcoin’s price could lead to a recovery in Shiba Inu’s price as well.
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