Shibarium's 745% Breakout Reverses: Should SHIB Holders Be Watching?

Shiba Inu layer 2 blockchain Shibarium saw increased activity near the end of October, but it was not sustainable as the trend reversed.

The number of Shibarium transactions jumped to 6,370 on October 31 from 753 a day earlier, representing a 745% surge, according to Shibarium explorer Shibariumscan.

The sharp increase shows a major spike in network activity near the end of October, but it then encountered a pullback as momentum behind the breakout waned. Shibarium transactions have dropped from 6,370 on October 31 to 1,120 on November 1, close to the baseline it has maintained since October.

SHIB holders might want to keep an eye on the reversal, especially since Shibarium continues to be a major factor in the broader Shiba Inu ecosystem.

Shibarium also saw a similar pattern between October 17 and 21, when transaction activity went from 659 on October 17 to 7,300 on October 19. This sharply turned negative to 915 on October 21, 2024.

The 745% breakout and subsequent reversal show why we need to evaluate Shibarium's network growth over the long term. Shibarium's latest readings might give a hint as to whether the recent rally was just a flash in the pan or a more sustainable recovery.

Shiba Inu community watches what's next

Shibarium remains in 'rebuild' mode as developers carry out quiet upgrades behind the scenes. A notice on the home page of Shibariumscan indicates ongoing indexing of the chain, with 63% of blocks now indexed.

In response to an X user who asked: "when exactly will the Shibarium L2 network & Zama update be completed, when will the bridging of the Shibarium L2 network on exchanges be fully completed, and therefore when will the Bone token listings on all exchanges take place?"

Long-time Shiba Inu community member Mazrael responded: "Gate and Mexc have added some others as well. There is also more than one direct Fiat to Shibarium bone route. Find them in ShibWallet. You want more you ask them. Zama has been postponed as said by Rand. No date shared. Will be visible by all when added. Their gits also tracked on ShibWatch for that."