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Tuesday, May 28, 2024

This Shiba Inu Metric Explodes by 500% Amid a SHIB Price Rally: Details

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  • The cryptocurrency market is thriving, with notable gains in Bitcoin, Ethereum, and particularly Shiba Inu (SHIB).
  • Shibarium’s performance and a substantial increase in SHIB’s daily transaction volume hint at a bullish future for the asset, supported by optimistic price predictions from analysts.

The cryptocurrency market has started booming again in the past several hours, with Bitcoin (BTC) crossing the $71,000 level and Ethereum (ETH) surging above $3,600.

The situation in the meme coin niche is even more bullish, and Shiba Inu (SHIB) is among the best performers. Its price jumped by 7% on a 24-hour scale and 20% in a week.

Some important metrics related to the self-proclaimed Dogecoin-killer have also headed north. Data shows daily transactions on the layer-2 scaling solution Shibarium have soared beyond 400,000. This represents a 500% increase compared to the figure observed the day before.

Shibarium officially saw the light of day in August last year and aims at elevating Shiba Inu above its rivals by improving speed and lowering transaction fees.

It has achieved numerous milestones in the past few months, such as exceeding the 400 million mark in terms of total transactions. Those willing to learn more about the feature can take a look at our dedicated video below:

Besides the resurgence of Shibarium, Shiba Inu witnessed another triple-digit spike. According to IntoTheBlock, SHIB aggregated daily volume (where each transaction was greater than $100,000) has exploded by 220%.

Meanwhile, the crypto market keeps pumping (as of the moment of writing these lines) and it will be interesting to follow whether Shiba Inu could record even bigger gains in the following days.

Analysts, including the X users SHIB KNIGHT and JAVON MARKS, recently predicted that the price of the meme coin may skyrocket in the near future should investors keep accumulating at the same pace.

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