• 18 June, 2024
Market News

Shiba Inu’s Shibarium Surges in New Accounts: 621% Increase Ignites SHIB Frenzy

In a recent development, Shiba Inu’s layer-2 blockchain solution, Shibarium, has experienced an unprecedented surge, with new account activity skyrocketing by a staggering 621% within 24 hours. Data from Shibariumscan indicated a surge from 33 new accounts on February 6 to an astounding 205 on February 7, elevating the total account count for Shiba Inu’s L2 to 63,341.

Source: Shibariumscan

Such spikes in network utilization often foreshadow potential fluctuations in associated cryptocurrency prices. The surge in Shibarium’s new accounts preceded a notable uptick in the price of SHIB. After over two weeks of subdued trading with minimal volatility, the SHIB token saw a significant upswing. This surge signifies a notable departure from a prolonged period of stagnation, eliciting enthusiasm among SHIB enthusiasts.

The crucial question at the moment is whether the momentum gained by Shibarium is sustainable and how it might affect the future price of SHIB. As the market eagerly awaits further updates, recent surges in network activity and price chart movements highlight the enduring appeal of Shiba Inu and its ability to captivate investors.

Renowned analytical platform IntoTheBlock revealed a sudden influx of significant transactions involving SHIB, thrusting the cryptocurrency back into the spotlight. The volume of these substantial transactions has surged from 1.92 billion to an unprecedented 5.68 trillion tokens, resulting in a remarkable escalation in USD value from $17.32 million to $52.32 million.

Source: IntoTheBlock

It is worth noting that IntoTheBlock’s analysis has highlighted transactions that exceed $100,000, and they recorded 68 such transactions in the past day. This is a significant increase from the previous day, which only had 19 transactions. This surge indicates a diverse range of transactions, likely involving a larger number of investors who are engaging with Shiba Inu tokens.

With significant players reentering the Shiba Inu network, attention now turns to the trajectory of the SHIB price. SHIB is trading at $0.000009354, marking a 1.96% increase in the last 24 hours, and the surge in whale activity within SHIB aligns with a notable price rally. SHIB value has climbed by over 6% in the last three days, reaching its highest point in over two weeks. Shiba Inu has become a centre of attention in the cryptocurrency market, attracting enthusiasts and traders to closely monitor the dynamics of whale plays and the surge in SHIB quotes.

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