Shiba Inu’s Shibarium Skyrockets 1,733% in Key On-Chain Metric

Shiba Inu’s Shibarium, a layer-2 solution designed to enhance the functionality of the meme-inspired cryptocurrency, has experienced an astonishing surge in activity, registering a monumental 1,733% increase in new accounts within a single day. 

The data, sourced from Shibariumscan, reveals an unprecedented spike as the network welcomed 780 fresh accounts, a stark contrast to the 45 recorded just the day before.

This surge in activity has also led to a significant rise in active accounts, soaring by an impressive 148%, from 977 to 1,453 within the same 24-hour period. The cause behind this sudden surge may fuel speculation, yet it undeniably underscores an extraordinary phenomenon unique to the Shiba Inu network.

Despite the exponential growth in new accounts, transactional activity within Shibarium has not yet returned to its previous heights. Only 5,900 transactions were recorded within the Shiba Inu network over the preceding day, a notable decline compared to its peak of seven million transactions per day at the beginning of the year.

The question now looms: can the influx of new users eventually drive transactional activity on Shibarium back to its all-time high levels?

As attention remains fixated on Shibarium’s on-chain resurgence, speculation abounds regarding the potential impact of this soaring online activity on Shiba Inu’s ecosystem, particularly on the tokens’ market dynamics. Market participants should be closely scrutinizing the performance charts of Shiba Inu (SHIB) and BONE, anticipating the ripple effects of this development.

About the author

Gamza Khanzadaev