Shiba Inu’s Shibarium Experiences Big Activity Spike as SHIB Price Finds New Paradigm

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Written By Maya Cantina

Sun, 3/03/2024 – 16:02

Cover image via www.freepik.com

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Shiba Inu’s blockchain platform, Shibarium, has recently experienced a remarkable surge in activity, indicating a significant development within the cryptocurrency ecosystem. Over the past 24 hours, the number of active accounts engaging in transactions on Shibarium has soared to 905, reflecting a staggering 30% increase compared to the previous day.

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Interestingly, this surge appears to be primarily driven by heightened participation from established Shibarium accounts rather than an influx of new registrations, as indicated by Shibariumscan data.

Source: Shibariumscan

This surge in activity is part of a larger trend, with the number of active accounts on Shibarium rising by almost 40% over the past two days in March alone. The ecosystem now boasts an impressive total tally of 64,693 accounts and 1.365 million total addresses. Additionally, the daily transaction volume on the network has reached a robust figure of 2.34 million.

Shiba Inu (SHIB) price performance

Notably, this surge in Shibarium activity coincides with significant price movements in the Shiba Inu token itself. Over the period under review, the price of the popular cryptocurrency has surged by more than 33%, reaching a value of $0.0000235 — the highest since April 2022. In fact, over the past week, SHIB quotes have seen a remarkable increase, with the token adding 127% to its price.

SHIB to USD by CoinMarketCap

The question now arises: Will the price of SHIB settle around the $0.00002 mark, establishing a new paradigm after months of trading below even $0.00001? This recent surge in activity on Shibarium coupled with the notable price movements in the Shiba Inu token suggest a potentially transformative period for the cryptocurrency.

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