Shibarium, a layer-2 solution by Shiba Inu that aims to improve the operation of the meme-inspired cryptocurrency, has seen an incredible spike in activity, with 1,733% more new accounts created in only one day.
The network received 780 new accounts last day, a sharp increase from the 45 that were registered the day before, according to statistics obtained from Shibariumscan.
The number of active accounts has increased significantly as a result of this spike in activity, rising from 977 to 1,453 in only one day—a remarkable 148% increase. Though the reason for this unexpected spike may encourage conjecture, it clearly highlights a remarkable occurrence exclusive to the Shiba Inu network.
The amount of transactions occurring within Shibarium has not yet reached its pre-pandemic levels, even with the rapid increase in new accounts. The Shiba Inu network had just 5,900 transactions the day before, which was a significant decrease from its daily maximum of seven million transactions at the start of the year.
Now, the issue is whether the flood of new users will be able to bring Shibarium’s transactional activity back to its peak at some point in the future.
While everyone’s attention is still focused on Shibarium’s on-chain comeback, conjecture is running wild about how this increase in online activity could affect Shiba Inu’s ecosystem—specifically, the dynamics of the token market. As this situation plays out, market players should be attentively examining the performance charts of BONE and Shiba Inu (SHIB) to see how it will affect other companies.
