Shiba Inu’s Shibarium Activity Up 151%: What’s Fueling the Surge?

Shiba Inu’s layer-2 network, Shibarium, saw a sudden spike in activity as the daily number of transactions rose in the last 24 hours. Shibariumscan data shows the number of transactions jumped from 970 on Oct. 8 to 2,440 on Oct. 9, a 151% growth.

This jump comes after a huge decline in the number of transactions, which was 5,710 on October 6. Activity on Shibarium has been on the rise gradually, with the number of transactions steadily climbing since the start of October.

This steady increase went on for six days, after which a sharp drop ensued. This inconsistency in transaction activity raises questions about the recent increase and whether it marks the start of a sustained recovery in Shibarium usage.

According to a notice on ShibariumScan, there is ongoing reindexing which may account for the haphazard nature of the data, although this is not certain. The notice stated that 56% of blocks have been indexed so far.

Regardless of the exact reason, the 151% surge puts Shibarium’s transaction activity back in focus as the Shiba Inu ecosystem continues to pursue greater utility.

Shiba Inu price

On the first anniversary of the 10/10 flash crash, which resulted in the largest liquidation event in crypto history, Shiba Inu is currently trading in the green, up 1.24% in the last 24 hours to $0.00000546 and down 4.05% weekly.

Shiba Inu price returned to the green on a daily basis after completing a three-hour death cross, putting the dog-themed cryptocurrency’s short-term price action back in focus.

A death cross occurs when a shorter-term moving average falls below a longer-term moving average; in this case, the 50 MA on the 3-hour chart has fallen well below the 200 MA, completing the bearish signal.

Shiba Inu marked four days of decline from a high of $0.000006 on October 5 before rebounding on Friday. The price drop saw Shiba Inu trade below its 50-day moving average and briefly fall below the daily MA 200 before recovering above it.

Bulls made an attempt to recover the 50 DMA early Saturday, with the SHIB price reaching $0.000005519 before a retreat. A successful attempt in this regard will be watched for a continuation of Shiba Inu’s rebound in the upcoming sessions.