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Shiba Inu’s Shibarium Network Sees 50% Surge in On-Chain Activity: Price Impact

2 mins
Updated by Harsh Notariya
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In Brief

  • Shibarium's on-chain activity surged by 50%, highlighting increased network interest.
  • Shibarium accounts rose from 105,367 to 113,732 in May, showing robust growth.
  • Shiba Inu's potential 32% price surge hinges on breaching a key resistance level.
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The Shibarium network, integral to the Shiba Inu (SHIB) ecosystem, has witnessed a remarkable surge in on-chain activity.

According to data from Shibariumscan, new transactions on Shibarium increased by nearly 50%, escalating from 5,150 on Friday to 7,691 by Sunday. This spike highlights a growing interest within the network.

Shiba Inu Poised for 32% Gains?

Moreover, the total number of Shibarium accounts has significantly risen. Starting from 105,367 on May 1, it reached 113,732 by May 27, indicating robust expansion and growing trust in the platform.

Shibarium functions as an Ethereum Layer 2 solution, enhancing scalability and transaction efficiency on the Ethereum blockchain. It aims to reduce transaction times and costs markedly, aligning with Shiba Inu’s goal to evolve from its meme origin into a widely utilized cryptocurrency.

Read more: 12 Best Shiba Inu (SHIB) Wallets in 2024

Recently, the ecosystem advanced further with the integration of ShibaSwap, its native decentralized exchange (DEX), into Shibarium on May 16. This strategic move is part of the broader effort to increase the utility and appeal of Shibarium.

Kaal Dhairya, a developer for Shiba Inu, highlighted the team’s commitment to continuous improvement.

“This version is focused on discovery, so all the creative geniuses meme away! We will keep pushing out updates and upgrades on regular basis going forward, also for everyone to remember it’s not a race it’s a marathon,” Dhairya said.

Furthermore, Shiba Inu exhibits a volatility contraction pattern (VCP). This technical pattern, characterized by progressively narrower price fluctuations, is often seen by traders as an indicator of a potential breakout.

If SHIB successfully breaches the neckline at $0.00002631, it could potentially experience a surge of approximately 32% from its current market price towards the resistance at $0.00003282.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Shiba Inu (SHIB) Price Performance
Shiba Inu (SHIB) Price Performance. Source: TradingView

However, should it fail to achieve this breakout, the price may fall back to the support level at $0.00002345. A break below this level could bring the next significant support into play at $0.00002052.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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