u.today
After weeks of mostly flat trading, Shibarium, the Ethereum-based layer-2 scaling solution, has seen an uptick in daily transactions. Per data from Shibariumscam, transactions rose by 267% from 3,090 on Sept. 16 to 11,360 as of Sept. 19. This uptick is not uncommon for Shibarium. However, a less conservative figure has characterized the protocol in recent times.
Shibarium trend and SHIB response
Shibarium transaction metrics underscore the level of adoption of the layer-2 network. It helps to measure the health of the meme coin project with an underlying correlation with the price of Shiba Inu (SHIB).
If the Shibarium transaction count is up, the price of SHIB will also rally. The opposite also holds. As of Aug. 20, when the transaction count topped 28,680, the price of Shiba Inu traded around $0.000015, the highest level for both assets. As the Shibarium metric fell to a low of 1,890 as of Sept. 9, so did the SHIB price jump to a four-week low of $0.000012 on Sept. 6.
Both the SHIB price and Shibarium adoption are returning to previous high levels. As of writing time, the token changed hands for $0.00001442, up by more than 1.2% in 24 hours. This figure comes after a sustained drawdown in the token’s price in the past 14 days.
Ready for major rebound
The trends around Shiba Inu show that something big is coming for the token - from massive whale action, with billions of SHIB shuffled regularly, to the impressive Shiba Inu burn rate boost in the past week.
The bullish sentiment on the market has made SHIB a standout performer in its niche. If these positive metrics are sustained, the price of SHIB may breach the $0.000016 resistance to test new highs in the coming week.
Ultimately, the goal is to reverse the historically bearish trend of sell-offs in September, according to Cryptorank data.