- Shiba Inu’s Shibarium saw a 621% surge in new accounts in just 24 hours, indicating possible price fluctuations for SHIB.
- The SHIB token experienced a 3.6% increase following the surge in Shibarium activity, bringing excitement to SHIB enthusiasts.
Shibarium, the layer-2 blockchain platform for the Shiba Inu ecosystem, has witnessed an astounding surge in new accounts, marking a staggering 621% increase within 24 hours. The increase in account engagements indicates the platform’s growing popularity and coincides with a significant rise in the price of the cryptocurrency Shiba Inu (SHIB). Shibarium’s overall number of accounts has risen to 63,341, with insights from Shibariumscan showing a sharp increase, from 33 new accounts on February 6 to an astounding 205 on February 7.
Shibarium has grown incredibly since its August 2023 launch, more than tripling its user population in less than three months. The network’s main selling point is low fees for token transfers and decentralized apps (dApps), drawing tens of thousands of users to the Shiba Inu ecosystem.
Rapid Expansion of Shibarium Network
Shibarium has experienced exponential growth since its August 2023 launch, more than tripling its user population in less than three months. Designed specifically for the Shiba Inu ecosystem, the layer-2 blockchain platform has seen a significant uptick in transactions, amounting to hundreds of millions of dollars, and more and more projects are constructing on its network.
In addition to the escalating user metrics, Shibarium is experiencing a significant uptick in smart contract deployment by developers. Smart contracts, integral to decentralized applications (dApps), execute predefined terms when met by users.
Furthermore, the spike in smart contracts that developers have deployed since December 1, with a total of 749 new contracts, indicates the growing popularity of Shibarium, with at least two new contracts uploaded daily during that time. Such exponential increases in user involvement frequently indicate large swings in the values of associated cryptocurrencies, as evidenced by the noteworthy increase in Shiba Inu’s (SHIB) value after the spike in Shibarium accounts. Notably, 59 contracts were added on January 21 alone, underscoring developers’ increasing activity and interest in the Shibarium ecosystem.
Positive Market Movements for SHIB Token
The growing adoption of Shibarium is anticipated to positively impact the price of Shiba Inu (SHIB) tokens, particularly as developers burn a portion of tokens spent by users on gas fees.
An over 200% spike in burn rate has occurred in the last 24 hours, according to Shibburn, a portal that tracks Shiba Inus’s burn. There are currently 7,648,382 SHIBs destroyed out of the over 7 million burned. Two substantial burn transactions caused this spike in burn rate, which in turn burned approximately 7.6 million SHIB tokens.
The current success of the SHIB market, which has witnessed a 2.00% increase in price over the last day to reach $0.000009378, is consistent with this spike in burning activity. In the same period, the token’s market capitalization increased by 2%, reaching $5.51 billion. Additionally, in the past 24 hours, open interest in SHIB has increased by 1.64% to $24.59 million, demonstrating rising investor interest and trust in the meme coin.
