Shiba Inu trading volume rises 15% as Shibarium Beta approaches 25 million transactions

Shiba Inu (SHIB) price is down almost 3% in the last day, but this negative sentiment is only limited to that. Other fundamentals in the meme coin’s ecosystem inspire hope among investors, with internal teams proactively releasing updates for community members. The Shibarium community is on the frontline, which could bode well for SHIB as experts forecast a 20% uptick.  

Also Read: Shiba Inu Price Prediction: This Po3 setup could propel SHIB by 20%

Shiba Inu records a 15% surge in trading volume

Shiba Inu (SHIB) boasts a stark 15% climb in 24-hour trading volume, a metric that measures the market’s interest in SHIB tokens. The surge comes despite the market value of the meme coin slumping almost 3%. Based on statistical data, price dropping (or rising) against an increasing volume strongly signals that something in the stock has fundamentally changed. 

Puppyscan, the Shibarium Beta and renowned block explorer for the Shiba Inu has recorded a 10% increase in the number of total transactions, moving from 22,899,464 level on Friday to 24,703,204 as of press time. The increase moves parallel with the total number of blocks, and the average number of wallet addresses, currently at 1,444,198 and 16,969,821, respectively.

The comprehensive resource [Puppyscan] offers crucial information about transactions, blocks, and wallets on the Shibarium test net. The latest data from this aggregator points to a refined platform focused on serving the growing needs of the community.

The news comes barely a week after Shiba Inu official Content Marketing Specialist, Lucie, disclosed the reset and update of Puppyscan. Among the details featured in the announcement was a snapshot indicating a commendable increase in daily transactions to reach a remarkable 288,602 by June 17.

Meanwhile, SHIB enthusiasts eagerly anticipate the progress of Shibarium, Shiba Inu’s Layer 2 protocol. This enthusiasm is best reflected in the sentiments of passionate community members. Once reaction that stood out was  a user emphasizing that each step forward lays a robust foundation for the ecosystem’s growth.

In the latest development, Shiba Inu lead developer Shytoshi Kusama hinted at a new application, highlighting the new collaboration between Shiboshi, Kanpai agency, and Bad Idea AI, the infamous technology project. The announcement has since fueled speculation about a looming project or update.

Shiba Inu price forecast as bulls fight overhead pressure

Meanwhile, Shiba Inu (SHIB) bulls continue to fight against accumulating overhead pressure presented by the 50-, 100-, and 200-day Exponential Moving Averages (EMA) at $0.0000081, $0.0000090, and $0.0000099 respectively.

The Awesome Oscillators (AO) rising above the midline to the positive territory indicates this optimistic resolve. Similarly, the meme coin has secured support at around $0.0000075, a considerable distance from the $0.0000064 support floor.

SHIB/USDT 1-Day Chart

Conversely, the Relative Strength Index (RSI) faced south, suggesting a falling momentum. If bulls sit on their hand, SHIB could lose all the ground covered in the rally beginning June 15.