- SHIB’s price tumbled despite increased activity on Shibarium.
The value of the token might climb as participants stuck to the bullish end.
The number of transactions on Shibarium, Shiba Inu‘s [SHIB] layer 2 network, experienced a remarkable increase and were processed on the blockchain.
Ten days ago, according to Shibarium Explorer’s data, there were fewer than 6,000 transactions recorded.
In the present day, that number has grown significantly to reach 288,690. This notable expansion was indicative of wider acceptance among SHIB users, who were determined to surmount obstacles and improve transaction speeds.
Although the growth is significant, Shibarium saw over 1 million transactions between the 16th and now according to AMBCrypto’s observation.
SHIB, BONE fail to join participate
Although SHIB experienced an uptick, it didn’t escape the recent market downturn. At present, its price is at $0.000024, marking a 10.60% drop within the past 24 hours.
The governance token for the Shibarium ecosystem, BONE (Bone ShibaSwap), experienced a decline. At the current moment, each BONE token is being traded for around $0.63, which represents a 9.73% decrease over the past 24 hours.
On March 16th, as previously stated, SHIB‘s price stood at $0.000025. Now, let’s consider if Shibarium could lend a helping hand to SHIB in the future.
But eight days later, the value jumped and hit $0.00031.
Based on that incident, the Shib price may increase in the coming days. Nevertheless, it’s important to note that the number of transactions was significantly less than usual, with a quarter of the normal volume recorded.
It’s uncertain that SHIB‘s price will reach $0.000031 in the coming days despite potential price growth. However, supporting data indicates a possible uptrend.
No giving up on the meme
A few days prior, the number of active addresses in the last 24 hours was under 5000. However, by the time of publication, this figure had risen to approximately 6000. A decline in the number of active addresses signifies decreasing demand.
In contrast, a rise in the metric indicates growing curiosity towards the token. If active addresses keep rising, Shib’s price could potentially bounce back from its current low points.
The feeling expressed by AMBCrypto was echoed by the market players as well. Proof of this can be seen in the following Weighted Sentiment representation.
Analyzing sentiment with weights indicates whether remarks about a project have a predominantly positive or negative tone. Generally, a negative weight implies that there are more unfavorable comments compared to favorable ones.
At the moment of check, the overall feeling towards SHIB was optimistic, suggesting a belief among participants that the price would recover. Yet, this does not mean that such positive sentiments have translated into actual buying or trading activity.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
If the need for SHIB doesn’t grow, then an uptick in transactions for Shibarium may not be enough to prevent its downturn.
An uptick in action and demand could potentially help Shib escape its current slump.
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2024-04-14 09:43