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- Shibarium’s daily transaction volume surged by 441% this week, reaching 13,191 transactions.
- The network saw a rise in active users from 798 to 836, indicating growing engagement despite a slight decline in new account creation.
This week, Shibarium, the blockchain network associated with the Shiba Inu token, experienced a substantial surge in on-chain activity, capturing the attention of the cryptocurrency community. The network’s daily transaction volume increased by an astonishing 441%, rising from 2,990 transactions at the beginning of the week to 13,191 by the end of the week.
The significant increase in Shibarium’s transaction volume can be attributed to the heightened interest in Shiba Inu tokens, likely spurred by recent market fluctuations. This surge in activity has not only increased the demand for transactions but also resulted in a notable rise in transaction fees.
The boost in transaction volume is a promising development for the Shiba Inu community. Each transaction on Shibarium contributes to burning SHIB tokens, which reduces the overall supply and potentially enhances the value of the remaining tokens. In addition to the spike in transaction volume, Shibarium has also witnessed a rise in user engagement. The number of active accounts on the network increased from 798 to 836 within the same week. Although the creation of new accounts has seen a slight decline, the existing users are engaging more actively with the network, driving its dynamic growth.
Shiba Inu Price Movement and RSI Trends
The cryptocurrency market has been closely monitoring Shiba Inu (SHIB) after a persistent downtrend that began on June 5. Shiba Inu experienced a 3.20% decline in the last 24 hours, trading around $0.00001998, offering a glimmer of hope for investors. Despite this pause, the overall outlook remains cautious as various metrics reveal the token’s current state.
Since early June, Shiba Inu has faced a steady decline, losing approximately 21% of its value. The cryptocurrency, which saw a slight upward movement in the latest session, still trades within a narrow range, suggesting a period of consolidation. The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, currently hovers around 34. This low RSI value typically indicates an asset is oversold and could be due for a bounce. However, the trend remains bearish, reflecting a continued downward pressure on Shiba Inu.
Decline in Active Addresses and Network Activity
In addition to price movements, the activity on Shiba Inu’s network has shown a notable decline. Daily active addresses, a metric indicating the number of unique addresses involved in transactions on a given day, have decreased significantly. Data from Santiment reveals that active addresses dropped from a range of 6,000-7,000 in mid-June to approximately 2,500 currently. This decline suggests a reduction in network activity and user engagement, which is often a bearish signal for a cryptocurrency.
A robust number of active addresses can indicate strong user interest and participation, which typically supports price stability or growth. The current low level of activity highlights a lack of significant engagement, raising concerns about the potential for sustained recovery without an uptick in user participation.
