Network transactions on Shibarium have jumped by 54% making the blockchain buzzing with activities. The layer-2 blockchain running on top of the Ethereum network is seeing a massive surge in daily transactions. As of Wednesday, Shibarium has generated 4.63 million transactions and jumped 7,154% in just five days. It has created 11 million blocks and is now among the widely used blockchains in the ecosystem. Will Shibarium’s usage propel Shiba Inu (SHIB) in the charts? Let’s find out.
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Shibarium Network Activity To Make Shiba Inu (SHIB) Surge in Value?
The brimming network activity on Shibarium propelled Shiba Inu to climb nearly 2% on Wednesday. That’s an average spike even on any given normal day when the markets are not under pressure. SHIB went from a low of $0.00001299 to a high of $0.00001345 during Wednesday’s trading session.
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While a spike is good, the pace of the rise remains slow and has not gone above double-digits. The development indicates that a rise in Shibarium transactions does not equate with Shiba Inu’s price and value. The two, though intertwined, don’t go hand-in-hand in the charts as investors don’t consider it to be a parameter to measure SHIB’s bullishness.
A 2% spike in the charts is a small number that barely gives time for holders to buy and sell in the day’s trade. Cryptocurrency exchanges usually take a cut before settling the transaction making holders receive even less. Therefore, Shibarium seeing an increase in network activity has nothing to do with Shiba Inu spiking in price.
However, Shiba Inu will sustainably rise only when Shibarium burns trillions of SHIB tokens every month. Only this could send SHIB to the moon as making the tokens scarce will automatically make its value rise. Until then, the rise in network activity is only numbers and barely helps investors make money.
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