- Shibarium network activity has surged by 375% overnight as SHIB begins to forge a path to an all-time high.
- The increase coincides with a SHIB price increase, with the memecoin adding more than 5% in the last 7 days.
Shiba Inu’s layer-2 solution Shibarium has, in the past couple of days, witnessed an unprecedented increase in network activity. Data from Shibariumscan reveals that network activity has surged by 375% overnight. New transactions on the network have soared from around 500,000 to 2 million between February 9th and February 10th. This was highlighted in a CryptoNewsFlash YouTube video.
The increase in network activity could be a precursor for a price reaction in the coming days. Signs of this are already showing, with SHIB gaining more than 5% in the last 7 days. Investors are now curious if the memecoin will continue on its upward trajectory.
At the time of writing, SHIB is exchanging for $0.000009382 after a marginal change in the last 24 hours. With a market cap of $5.5 billion, the 19th ranked cryptocurrency is the second largest memecoin after Dogecoin (DOGE), with a market cap of $11.5 billion. Some experts speculate that if Shiba Inu continues to build and attract new adopters and investors, it could easily flip Dogecoin, to become the largest memecoin in the market.
Interestingly, the price movement comes after a prolonged period of low volatility. Some experts have categorized this as an accumulation phase, with whales especially getting involved in the buying spree. Investors have viewed the digital asset as an incredible opportunity to make profits in the upcoming bull market as the token erases zeros from its price.
As CNF reported, crypto educator and trader Crypto Rand has identified a bullish reversal, in a recent analysis of Shiba Inu’s price trajectory. According to Rand, the current outlook for Shiba Inu appears “amazing,” buoyed by a resurgence in bullish sentiment driven by Bitcoin’s recovery.
$SHIB looking amazing here after the bullish breakout: pic.twitter.com/NpaKJCYdKG
— Crypto Rand (@crypto_rand) February 9, 2024
One of the key drivers for Shiba Inu’s price trajectory is the movement of Bitcoin, which is largely expected to be bullish. For Bitcoin, the upcoming halving is the most bullish event for the digital asset and is guaranteed to propel the digital asset to an all-time high.
The Shiba Inu burn rate will also play a key role in boosting SHIB. As recently reported, Shiba Inu (SHIB) has recently witnessed a remarkable 200% surge in its burn rate. As the team anticipated, the launch and continued adoption of the Shibarium network have led to an increase in the quantity and frequency of the burnt SHIB. Ideally, this will create scarcity and increase the value of the remaining tokens.
