Shibarium Transactions Sees 4,400% Explosion, Time For SHIB And BONE ATH?
01 Diciembre 2023 - 10:00AM
NEWSBTC
Shibarium has crossed a new milestone in the space of a few days.
The layer-2 solution built for Shiba Inu’s ecosystem just saw
transactions spike an astounding 4,400%, registering 748,230
transactions in the past 24 hours. Numbers like this
demonstrate the sheer adoption rate of Shibarium, and investors are
left wondering if high valuations for the tokens on the Shiba Inu
ecosystem are inevitable. Shibarium Transactions Explode Over
4,400% In One Day Shibarium went live in August and has become the
go-to platform for SHIB whales and investors. Shibarium recently
crossed the 4 million transaction mark, but it looks like the run
isn’t stopping anytime soon. Related Reading: Bitcoin 65%
Crash Possible? $54 Million In Buy Orders Pile Up At $12,000 The
layer-2 solution saw an explosion of over 4,400% transactions in
just the past 24 hours to reach the next milestone of five million
transactions. According to data from Shibariumscam, there were
748,230 transactions in the past 24 hours, the highest ever
recorded since its launch. Notably, the transaction count on
the network has been on the rise in the past week, as it reported
over 43,000 transactions On November 23. At the time of writing,
the total transaction count now stands at 5.968 million and is
steadily approaching the 6 million milestone. SHIB price at
$0.0000083 | Source: SHIBUSD on Tradingview.com What This Means For
SHIB And BONE Prices The massive increase in Shibarium transactions
is hugely bullish for SHIB and BONE prices. With more activity and
utility on the network, demand for the native tokens should rise.
Even before the platform went live, SHIB has been known to react to
updates regarding the platform. As it stands, a larger part of
SHIB’s utility is now tied to the adoption and use of
Shibarium. BONE is also of this sentiment regarding
Shibarium. Apart from its utility as the governance token on the
ShibaSwap decentralized exchange (DEX), BONE is also used to pay
gas fees on the Shabarium network. The more people buy, sell, and
trade on the network, the higher BONE’s price can climb. As a
result, the hype around Shibarium’s launch in August saw the crypto
spike over $1.7 for a few hours. Related Reading: Bitcoin
Spot ETF In January 2024: A New Player Just Joined The Game It
would seem that both SHIB and BONE have reacted positively to the
recent transaction surge on Shibarium, among other things.
According to data from Coinmarketcap, SHIB is up by 1.45% in the
past 24 hours, while BONE is up by 2.59% in the same timeframe.
However, despite the constant spikes this year, both tokens are
still in the negative in a larger timeframe, down by 9.89% and
18.64% in a yearly timeframe. Due to the recent spike in Shibarium
transactions, many SHIB and BONE holders are optimistic that new
all-time highs are on the horizon for these tokens. SHIB is trading
at $0.000008315 at the time of writing and it would need to perform
a 930% gain to reach its all-time high of $0.00008616. BONE, on the
other hand, is currently trading at $0.6262 and would need to
perform gains of 2375% to reach its current all-time high of
$15.50. The Shiba Inu ecosystem continues advancing, enhancing the
utility and technology behind SHIB, and the future looks bright for
this innovative ecosystem and its tokens. Featured image from
CryptoRank, chart from Tradingview.com
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