Shibarium transactions hit new highs at $5.11 million but Shiba Inu price fails to show parity

Shibarium the famous Layer 2 (L2) blockchain network built atop the Ethereum blockchain continue to gain traction even as it links to the Shiba Inu (SHIB) coin. It was developed to serve as a scaling solution for Shiba Inu, enabling faster and cheaper transactions. However, despite the two ecosystems being tied to the hip, their value growth is not showing parity.

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

Shibarium transactions hit new highs

Shibarium and the Shiba ecosystem technology and marketing specialist, Lucie, has revealed that the L2 network’s transactions have hit a new all-time high as $5.11 million. She acknowledges increased traffic, soaring gas prices, and more burn, highlighting that “the momentum is coming slowly but surely.”

Meanwhile, it remains unclear where the traffic is coming from but there is speculation that the momentum could soon reflect on on-chain trading volume as well as Bone ShibaSwap (BONE), SHIB and Leash (LEASH) prices, seeing as these ecosystems are all intertwined. This is yet to be seen, particularly for SHIB, whose price remains underwater.

Shiba Inu price trapped in consolidation phase

Shiba Inu price continues to consolidate between the $0.00000814 and $0.00000910 levels, with a 0.5% value surge over the last day and 1% pump in the last week. The Relative Strength Index (RSI) remains above 50, suggesting bulls are leading the SHIB market. However, its flattened outlook shows buying activity remains at a minimum.

Meanwhile, the Awesome Oscillators (AO) are showing red histogram bars and thinly holding in the positive territory. This shows the bears could easily take over. Meanwhile, however, while the odds still favor the bulls, increased buying pressure could see Shiba Inu price extend north, clearing out from the consolidation phase by flipping the $0.00000910 resistance to a support floor.

In a highly bullish case, the gains could extend for Shiba Inu price to shed one zero and test the $0.00001066 resistance level. Such a move would constitute a 30% climb above current levels.

SHIB/USDT 3-day chart

On the flip side, increased selling pressure below current levels could see Shiba Inu price lose the immediate support at $0.00000814, potentially extending the fall to the $0.00000659 support level. In the dire case, the slump could extend for the price to collect buy-side liquidity that continues to reside underneath.