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Shiba Inu layer 2, Shibarium, saw a sharp spike in transaction count, but this was quickly reversed.
According to Shibariumscan data, Shibarium rose 507% when daily transactions rose from 738 on August 8 to 4,480 on August 9, the highest in about a month. Shibarium has previously shown significant activity spikes that were reversed, and this one is no exception.
The rise quickly reversed, with daily transaction count falling to 831 on August 10. This trend has been noticeable in recent months as previous activity spikes have also reversed quickly. In July, Shibarium transactions jumped sharply before subsequently falling.
On August 1, Shibarium transactions rose to 2,570 before returning to the baseline, where they stayed before a sharp spike on August 9. Now that the rise has been reversed, daily transaction counts have returned to the baseline.
Meanwhile, development activity continues on Shibarium behind the scenes. Mazrael reported that Shiba Inu developers have expanded 18 developer documentation pages covering ERC-4337 gasless transactions (Paymaster), Crypto Payments API, hosted on-chain data endpoints, and ShibaSwap SDK. He noted that these are the building blocks developers need to create consumer apps on Shibarium, making the move significant.
Market recovery tentative
Shibarium's unstable recovery trend takes its cue from the broader crypto market. According to Glassnode, the overall market remains in a transitional recovery phase. A constructive backdrop is seen in improving institutional flows, stronger taker demand, and less defensive options positioning, but subdued spot liquidity and weak on-chain activity suggest the recovery remains tentative.
At the time of writing, SHIB was down 3.48% in the last 24 hours to $0.0000045 and down 9.58% weekly as traders showed caution ahead of a key inflation data release.
However, trading volume in crypto futures has risen 20% to $139 billion in 24 hours. Total open interest (OI) rose 3% in this timeframe to $115.4 billion, indicating churn rather than new positional trading.