Key Shibarium statistics suggest the Shiba Inu ecosystem may be gearing up for a boost. Notably, Shibarium transaction data has shown triple-digit percentage jumps in transactions and fees paid in BONE over the past week. This suggests that Shiba Inu may be receiving more attention from traders, a scenario that could result in SHIB is recovering to a crucial support level during the week.
Shibarium sees a huge increase in activity this weekend
According to the latest data, transactions on the Shibarium network exploded over the weekend, rising by a whopping 441% on Saturday. More than 13,190 transactions were registered on Shibarium on Saturday, compared to just under 3,500 earlier this week. The massive increase in activity led to higher costs for the network as it came under pressure under the increased load.
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As a result, the average fees paid in BONE for Shibarium transactions increased by 176%. Further, data from Shibarium scan indicates that 154 new accounts were created on Sunday, a 1,600% increase from the 9 new accounts created on Monday, June 10.
Interestingly enough, these numbers are small compared to the statistics recorded on Shibarium earlier in the year. However, their increases occurred during a particularly bearish period for the Shiba Inu community. This is a positive sign for the SHIB price as the increase in the number of transactions increases the amount of gas fees, which in turn increases the number of SHIB tokens to be burned.
Current state of Shiba Inu
At the time of writing, SHIB is trading at $0.00002013 and is currently down 2.21% in the last 24 hours. SHIB in particular has done that decreased over the past seven days amid a broader market price decline led by Bitcoin. As a result, SHIB has lost 13.11% of its market capitalization over the past seven days as traders continued to exit their long positions.
SHIB is now in the psychological price zone of $0.000020 and could collapse even further despite Shibarium’s transaction surge over the weekend. According to data from IntoTheBlock, only about 3.97 trillion SHIB tokens purchased by 5,270 addresses serve as resistance at this price level. If SHIB fails to defend this support and breaks below it, the next key level is $0.000190, where 4,310 addresses currently hold 6.21 trillion SHIB tokens.
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Lucie, Shiba Inus marketing leadership, recently hinted at an airdrop for anyone who bridged to Shibarium in their first year, sparking interest among Shib enthusiasts. Nevertheless, Lucie provided clarification, noting that this is just an imaginary scenario and doesn’t guarantee anything.
“This is a hypothetical question that doesn’t promise anything. I WAS WONDERING,” Lucie continued social media platform
Featured image from Coinfomania, chart from Tradingview.com