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.