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Shibarium surpasses 2 million transactions; Bullish for SHIB price?

Shibarium surpasses 2 million transactions; Bullish for SHIB price?

The trend of Shibarium consistently achieving peak levels and surpassing previous records persists, therefore establishing new all-time highs. 

In a very short span of time following the resumption of this Layer-2 blockchain,the transaction count has hit a new all-time high (ATH). 

According to the data obtained from the Shibariumscan explorer, it is evident that the total number of transactions has exceeded two million, specifically reaching a current count of 2,328,690, as the user base continues to grow.

Shibarium total transactions. Source: Shibariumscan explorer

Currently, the total count of interconnected wallets amounts to 1,155,622. The quantity of extracted blocks, subsequent to achieving a significant threshold of 500,000, persists in ascending, now amounting to 606,826. 

Shibarium relaunch

The relaunch of Shibarium were compelled to initiate the reestablishment of the Layer-2 solution around three weeks ago. This decision was prompted by the failure of the solution to effectively manage the substantial influx of incoming traffic that occurred during its introduction on August 15 at the Blockchain Futurist Conference in Toronto. 

The relaunch was executed with the assistance of other teams, in addition to SHIB and the Unification Fund. Polygon also had a crucial role in facilitating the initiation of Shibarium.

SHIB price analysis

In the current market landscape, Shiba Inu (SHIB) is exchanging hands at a valuation of $0.000007257, marking a modest uptick of 0.77% within the day’s trading, albeit it has encountered a decline of 5.23% over the course of the preceding week. 

This meme-inspired digital asset also boasts essential support at the $0.00000681 level, with a formidable resistance barrier at $0.0000076. What’s more, the dog meme cryptocurrency has lost $1.85 billion from its market cap across the past month.

SHIB 1-day price chart. Source: Finbold

From a technical perspective, SHIB is currently trading below its 200-day simple moving average, indicating a potential bearish sentiment prevailing in the market. Over the last 30 days, SHIB has encountered a mere eight green trading days, constituting a mere 27% of the observed period, indicative of a relatively turbulent market sentiment.

Over the past year, SHIB has exhibited substantial price volatility, experiencing a notable downturn of approximately -43%. This performance positions SHIB as trailing behind the majority of the top 100 cryptocurrencies, underperforming by a margin of 61% within the one-year timeframe.

Furthermore, SHIB has significantly retraced from its all-time high, with a notable -92% decrease from its peak valuation. The medium liquidity status of SHIB, as reflected by its market capitalization, suggests that this cryptocurrency occupies a position of moderate trading activity within the broader crypto landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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