SHIB Layer 2 Posts 216% in Weekend Transaction Spike: Is This a Turning Point?

Shiba Inu layer 2 Shibarium saw an uptick in daily transaction count heading into the weekend, sparking optimism following a period of stagnation on the network.

Shibarium daily transactions rose from 939 on July 16 to 2,960 on July 17, a 216% increase. This wouldn't be the first time this week Shibarium has seen such an uptick in transactions. Shibarium saw a 322% surge when transactions rose from 759 on July 14 to 3,210 on July 15 before retreating. A similar trend was seen when transactions rose 361% on July 10, according to Shibariumscan.

The recent rise suggests an increase in user activity and that Shibarium could be regaining momentum after periods of slower activity.

Given the trend of brief transaction spikes on the network, it will be worth watching whether the recent rise marks a turning point for Shibarium L2 activity. A sustained increase in daily transactions over the coming days or weeks might provide significant evidence that Shibarium's network usage is improving.

On the other hand, if activity returns to the previous baseline, the recent rise may suggest a temporary surge.

$SHIB news

This week, $1.9 trillion asset manager T. Rowe Price launched what it says is the industry's first actively managed multi-token spot crypto ETF, offering diversified exposure to digital assets.

The T. Rowe Price Active Crypto ETF (TKNZ) began trading on Thursday, giving investors exposure to a portfolio of crypto assets rather than a single token. The cryptocurrency lineup includes Bitcoin, Ethereum, BNB, XRP, and Shiba Inu.

In a recent development, Japan passed major amendments to the Financial Instruments and Exchange Act (FIEA) on July 15, which labels cryptocurrencies as investment products. The aim is to provide a regulatory framework that will boost engagement from banks, securities firms, asset managers, and institutional investors while increasing investor protection.

Shiba Inu, which is already on the Japan JVCEA Green List — which makes it easier for regulated platforms in the country to list $SHIB — might stand to benefit from the recent move.