- Shibarium’s network activity surged, with a 37% increase in active addresses and a 140% rise in new transactions.
- SHIB price saw a 5% increase, supported by strong market indicators, despite potential volatility.
In a significant turnaround from previous trends, Shiba Inu’s Layer 2 (L2) network, Shibarium, has experienced an impressive surge in network activity. Shibariumscan data highlights a remarkable 37% increase in the daily count of active addresses making at least one transaction on the network between February 15 and 18.
This resurgence signals a growing interest and confidence among users and investors in the platform’s capabilities and future potential.
A Spike in Shibarium Transactions
Accompanying the increase in active addresses, Shibarium witnessed a staggering 140% rise in new transactions. Specifically, the platform saw its transactions leap from 1 million on February 15 to an astonishing 2.4 million by February 18.
This surge in transactions underscores a newfound demand for Shibarium’s offerings and its strengthening position in the cryptocurrency ecosystem.
A pivotal moment preceding this wave of demand was observed between February 14 and 15, when BONE transfers on Shibarium recorded an astronomical 8,140% increase, jumping from 415 to 33,775 transfers. This unprecedented growth not only showcases the network’s scalability and efficiency but also hints at the expanding utility and adoption of its native tokens. You can dive deeper into this development by watching the YouTube video below.
SHIB’s Price Momentum
Reflecting the positive sentiment and increased activity on Shibarium, SHIB, the leading meme coin, enjoyed a 1.25% price uptick over the last week. Trading data from CoinMarketCap revealed the coin’s price at $0.000009745 at press time.
Further analysis of SHIB’s momentum indicators, such as the Chaikin Money Flow (CMF) at 0.16, suggests sustained demand for SHIB and a strong market presence, signaling liquidity inflow critical for a continued price rally.
Technical Indicators Signal Market Strength
Moreover, SHIB’s Awesome Oscillator (AO) indicator has shown consistent upward-facing green histogram bars since February 11, indicating a rise in buying pressure and potentially a favorable market for long positions.
However, the presence of market volatility, as suggested by the widening gap between the Bollinger Bands (BB), points to the possibility of price swings, advising investors to tread carefully.