Shibarium daily transactions nearly double overnight, might support SHIB price recovery


Share:
  • Shiba Inu scaling solution Shibarium noted a spike in daily transactions, total transaction count exceeding 4 million. 
  • Daily transaction count on Shibarium hit 43,690 early on November 23. 
  • SHIB price declined nearly 4% in the past week, rising activity could fuel Shiba Inu recovery.

Shibarium, the scaling solution for Shiba Inu, observed an increase in transaction activity. The rise in transaction count is indicative of higher activity on Shibarium, fueling a bullish outlook among traders for SHIB price. 

Also read: FTT rallies 25% as it benefits from FTX revival hopes, Binance saga

Shibarium transactions double overnight

Shibarium’s total transaction count crossed the 4 million mark. The protocol has accumulated a total of 4,133,220 transactions since its launch. Between November 22 and 23, daily transactions on Shibarium nearly doubled, from 29,280 to 43,690, overnight. 

SHIB

Shibarium transaction count 

The increase in transactions is indicative of rising activity, a bullish sign for the Shiba Inu ecosystem. SHIB price declined nearly 4% in the past week. The meme coin wiped out its gains in the recent correction. The increase in utility and the rapid adoption of Shiba Inu’s scaling solution could fuel a bullish thesis for SHIB price.

SHIB holders gained 11.23% in the past month when the meme coin rallied alongside Bitcoin. SHIB price is up nearly 2% in the last 24 hours and the cryptocurrency could begin its recovery.

As seen in the SHIB/USDT 1-day price chart, Shiba Inu eyes the $0.00000900 target, the 50% retracement of SHIB’s decline from its August 12 local top of $0.0000113 to October 19 bottom of $0.00000664. SHIB price could rally nearly 10% in its run-up to the $0.00000900 target.

SHIB/USDT 1-day chart

SHIB/USDT 1-day chart

If SHIB price sees a daily candlestick close below the 50-day Exponential Moving Average at $0.00000801, it could invalidate the bullish thesis. SHIB price is likely to find support at the 23.6% retracement at $0.00000775.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price extends gains as capital inflows near all-time highs

Bitcoin price extends gains as capital inflows near all-time highs

Bitcoin (BTC) price remains northbound, a status that was invigorated by Monday reports on MicroStrategy and BlackRock. With growing optimism in the market, the risk appetite for investors is also proving elastic. 

More Bitcoin News

Stacks price soars 15% to a new all-time high as STX TVL peaks

Stacks price soars 15% to a new all-time high as STX TVL peaks

Stacks (STX) price is on a tear, following on the heels of the Bitcoin price surge, which shocked markets on Monday blasting past $57,000 and blowing $100 million in short positions out of the water.

More Crypto News

Blast gears up for February 29 mainnet launch, crosses $2 billion TVL

Blast gears up for February 29 mainnet launch, crosses $2 billion TVL

Blast, a project designed to support Blur with Layer 2 solutions, is close to its mainnet launch on February 29. Market participants have locked over $2 billion in crypto assets in Blast’s bridge to earn yield and Blast points. 

More Crypto News

TRON announces partnership with EVM-compatible chain for Bitcoin integration

TRON announces partnership with EVM-compatible chain for Bitcoin integration

TRON recently unveiled its roadmap for integrating with the Bitcoin blockchain. Justin Sun’s X post explains how TRON will take steps to integrate its ecosystem assets with the Bitcoin blockchain and support BTC Layer 2 solutions. 

More Cryptocurrencies News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP