The price of Shiba Inu has continued on its uptrend despite ongoing Shibarium transaction slipoff.
The current price action of Shiba Inu SHIB $0.000010 24h volatility: 3.4% Market cap: $5.96 B Vol. 24h: $138.77 M is not in sync with the outlook of Shibarium. Shiba Inu is trading at $0.00001875, corresponding to a 3.04% increase in the last 24 hours. Similarly, its market cap has reached $11.05 billion, making it the twelfth-largest digital currency by valuation.
SHIB’s trading volume has seen a 33.39% surge within the same period and is now pegged at $726.79 million. This suggests that investors are still confident in the future potential of the dog-themed meme coin with sustained exposure. This bullish trend aligns with the general market uptrend fueled by Bitcoin BTC $108 949 24h volatility: 2.1% Market cap: $2.17 T Vol. 24h: $39.72 B .
Daily Transactions on Shibarium Drops
Contrary to this positive momentum, Shibarium Scan data shows that daily transactions on the Layer-2 scaling blockchain have dropped to 879,780. A more anomalous activity was detected early, involving a dip to 6,540 active transactions. Surprisingly, this Shiba Inu metric climbed as high as 4.67 million transactions over the past weekend.
With the current outlook, some experts question the validity of the previous weekend’s data. The more than 6,000 transactions caught many by surprise, considering that they coincided with the completion of a few multimillion-dollar transactions within the Shibarium chain. Amidst this onchain trend, the average amount of BONE spent on gas fees per transaction increased by 2,000%.
One potential reason for the fluctuations in Shibarium is that the data from the Shibariumscan explorer itself is not steady. The presence of a counterparty always leads to such a variant. It is worth noting that the data from the Shibariumscan explorer is based on Blockscout. A problem with Shibarium could be another potential cause of the spike.
Meanwhile, the total number of transactions on Shiba Inu Shibarium is currently pegged at 440,779,190, with a total block of 7,616,852 and an average block time of 5 seconds. The number of wallet addresses on the L2 scaling solution comes in at 1,875,802.
Shiba Inu Introduces Shiboshis NFTs on Shibarium
A few days ago, Shiba Inu, through its marketing lead LUCIE, announced plans to introduce Shiboshis Non-fungible Tokens (NFTs) on the Shibarium blockchain. These Shiboshis are unique Ethereum-based NFTs within the Shiba Inu ecosystem. LUCIE mentioned that this upgrade will include enhanced utility, exclusive events, rewards, and future expansion.
In addition to the upgrade news, the Shiba Inu executive revealed the protocol’s intention to reduce gas fees on the Shibarium blockchain. This will go a long way in improving the network, considering how high gas fees are a major concern for users. If successful, SHIB transactions will become accessible and affordable.
As it stands, Shiboshi holders are already sharing tips on how to reduce costs to as little as $2 amid ongoing bridging efforts. In the long run, the traction gained by these improvements and other upcoming upgrades in the Shiba Inu ecosystem may fuel more price gains for the token.
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