The Shibarium network, essential to the Shiba Inu (SHIB) ecosystem, has experienced a significant increase in on-chain activity. Data from Shibariumscan shows that new transactions on Shibarium rose by almost 50%, climbing from 5,150 on Friday to 7,691 by Sunday. This surge indicates a rising interest in the network.
Is the Shiba Inu Set to Gain 32%?
Additionally, there are now a notably higher amount of Shibarium accounts overall. It increased from 105,367 on May 1 to 113,732 on May 27, suggesting a strong expansion and rising platform trust.
Shibarium improves the scalability and transaction efficiency of the Ethereum blockchain by acting as an Ethereum Layer 2 solution. Its objective is to significantly lower transaction times and costs, which is in line with Shiba Inu's plan to develop from a meme into a popular cryptocurrency.
On May 16, Shibarium integrated its own decentralized exchange (DEX), ShibaSwap, to further progress the ecosystem. This calculated action is a component of a larger plan to make Shibarium more useful and appealing.
Kaal Dhairya, a developer for Shiba Inu, emphasized the team’s dedication to ongoing enhancements.
“This version is focused on discovery, so all the creative geniuses meme away! We will keep pushing out updates and upgrades on a regular basis. Also, for everyone to remember, it’s not a race but a marathon,” Dhairya stated.
Additionally, Shiba Inu is showing a volatility contraction pattern (VCP), a technical formation marked by gradually narrowing price movements. Traders often view this pattern as a precursor to a potential breakout.
If SHIB manages to surpass the neckline at $0.00002631, it could see a surge of around 32% from its current price, moving towards the resistance at $0.00003282. Conversely, if it fails to break out, the price might drop back to the support level at $0.00002345. A decline below this level could bring the next significant support at $0.00002052 into play.
May 2024, Cryptoniteuae