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Shiba Inu’s Shibarium Sees Activity Surge: What’s Behind the Boom?

source-logo  cryptonewsland.com 13 February 2024 01:12, UTC
  • Shibarium witnesses a 50% surge in activity within 24 hours, driven by established accounts.
  • Shiba Inu token experiences a price sell-off following an 8.9% rally, now stabilizing around $0.0000092.
  • Despite price fluctuations, SHIB investors remain optimistic, anticipating renewed upward momentum.

In an intriguing development, Shibarium, the blockchain platform associated with Shiba Inu (SHIB), has experienced a notable uptick in activity within a mere 24-hour window. This surge, marked by a remarkable 50% increase in active accounts conducting transactions, seems predominantly driven by existing Shibarium users rather than fresh registrations.

Coinciding with this surge, the Shiba Inu token has witnessed significant price movements. Despite an initial 8.9% surge, the token encountered a sell-off, leading to a 4.1% dip within the same timeframe. Nonetheless, it appears to have found support around the $0.0000092 threshold, hinting at potential stability for the cryptocurrency.

Despite these fluctuations, optimism prevails among SHIB investors. Many anticipate the token consolidating around its current support level, potentially paving the way for renewed upward momentum. As the crypto market closely observes these developments, Shiba Inu remains a focal point for both enthusiasts and investors.

Presently, Shibarium boasts an impressive count of active accounts, totaling 63,681, with a whopping 1.351 million addresses in its ecosystem. The network’s daily transaction volume has surged to 2.04 million, indicating a vibrant and active community within Shibarium.

On the other hand, based on CoinCodex’s analysis, Shiba Inu‘s price is anticipated to decline by approximately 6.27% and settle at around $0.00059033 by February 17, 2024. Technical indicators suggest a bullish sentiment at present, with the Fear & Greed Index registering 70, indicating a state of greed.