Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today?
November 22 2023 - 10:00AM
NEWSBTC
Shibarium, the Ethereum Layer network from the Shiba Inu team, has
had a rocky few months following its highly anticipated launch.
After surging immediately following its launch, its figures dropped
as interest waned. However, there has been a change in the
performance as transaction numbers are spiking once again.
Transaction Numbers Jump 288% On Shibarium In the last few days,
there has been a marked increase in the number of transactions
carried out on the Shibarium network. The Shiba Inu Layer 2
blockchain saw a nice jump from November 19 to November 22. Related
Reading: Did JPMorgan Secretly Buy 7.5 Million XRP? Here’s What We
Know On November 19, the total number of transactions on the
network was 8,930. But as of November 22, this figure is sitting at
an impressive 34,670 transactions. This represents a 288% increase
in the space of three days. As a result, the total number of
transactions carried out on the network since inception has now
crossed 3.578 million. Transaction numbers spike 288% | Source:
ShibariumScan There was also a small uptick in the number of active
accounts on the network, albeit to a smaller extent compared to the
transaction count. Active accounts went from 569 on November 20 to
648 on November 22. However, amid all of these, the amount of new
blocks created on the network took a nosedive. Between November 20
and November 22, the number of new blocks created on Shibarium went
from 17,214 to 13,907, a 20% decrease in two days. SHIB price
crashes alongside Bitcoin | Source: SHIBUSD on Tradingview.com Why
Is Shiba Inu Price Down? Despite the immense growth recorded in the
Shibarium over the last few days, the Shiba Inu price has not
followed this trend. Rather, the meme coin is seeing losses,
especially on the 24-hour chart and this can be attributed to the
general crypto market downtrend. Related Reading: AVAX Open
Interest Climbs 10.4% To $224 Million, Is $30 Possible? The crypto
market saw a crash after Changpeng Zhao announced he would be
stepping down as the CEO of Binance and that the exchange had
agreed to a $4 billion fine with the DOJ. As a result, the price of
Bitcoin dropped from above $36,000 to mid-$35,000s before recovery.
However, the damage was already done and it dragged the altcoin
market down with it. Currently, the price of Shiba Inu is down
3.62% to trade at $0.000008061. This decline follows the Bitcoin
trend, suggesting that a recovery in the Bitcoin price would
translate into a recovery in the Shiba Inu price as well. Follow
Best Owie on X (formerly Twitter) for market insights, updates, and
the occasional funny tweet… Featured image from Crypto Valley
Journal, chart from TradingView.com
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