The Shiba Inu ecosystem is witnessing explosive growth, with a significant rise in transaction fees on its Shibarium network and a massive surge in trading volumes. This surge in activity highlights renewed interest in the meme-based cryptocurrency, sparking conversations about its potential long-term growth.
Shibarium Network Fees Surge by Over 2,190% in 24 Hours
In an unprecedented turn of events, Shiba Inu’s layer-2 solution, Shibarium, recorded a staggering 2,190% increase in transaction fees within just 24 hours. The Shibarium network, which uses the BONE token as gas for transactions, has seen its fees rise due to an increase in network activity, with daily transactions growing from 6,209 to 8,025 during this period.
The surge in network usage has led to the collection of 438.79 BONE tokens in fees, compared to just 20.01 BONE the previous day. This spike in activity raises the question of whether this is a temporary phenomenon or the start of a longer-term trend. The SHIB community, alongside blockchain enthusiasts, is eagerly monitoring this development.
This isn’t the first time Shiba Inu has experienced a surge in network activity. A year ago, the platform witnessed a dramatic rise in daily transactions, further reinforcing the potential for increased use and adoption of Shibarium.
The 203% Shiba Inu Surge in Trading Volume and Price Breakout
Simultaneously, Shiba Inu has made headlines with a 203% increase in trading volume, pushing its price to a notable breakout. Over the past 24 hours, SHIB trading volume soared to $665.5 million, equating to 38.95 trillion SHIB, according to CoinMarketCap data.
The price of SHIB surged by 13%, reaching $0.000017144, extending its upward trend for three consecutive days. This breakout comes after the price of SHIB climbed above its daily SMA 50 resistance at $0.00001391, a key technical level that had held back its price since April.
Several factors seem to have contributed to this rally, including positive sentiment surrounding upcoming developments within the Shiba Inu ecosystem, like the new SHI stablecoin expected soon and broader optimism in the cryptocurrency market. The Federal Reserve’s recent interest rate cut, which has positively impacted risk assets like Bitcoin and altcoins, is also seen as a key driver behind this price momentum.
SHIB price is outperforming most of the top 100 cryptocurrencies, with daily gains outpacing all but Worldcoin (WLD). Despite the strong upward trend, SHIB price faces resistance around $0.000019, where over 440 trillion SHIB are held by 86,850 addresses, according to on-chain data from IntoTheBlock.
The Growing Shiba Inu Ecosystem Boosts New Potential for SHIB Price
The recent developments within the Shiba Inu ecosystem underscore the potential for both its native token and the Shibarium network to continue growing. The massive surge in Shibarium network fees and trading volume points to increased interest and usage, suggesting that SHIB price could be poised for further gains. However, challenges remain, with resistance levels ahead that could test the strength of this breakout.
Source: https://cryptoticker.io/en/shiba-inu-ecosystem-growth