Blockchain layer two Over the last twenty-four hours, Shibarium, a component of the Shiba Inu ecosystem, has seen a notable surge in activity on its network. As a result, the number of active accounts in Shiba Inu’s network climbed by about 65% over night, from 1,034 to 1,706, according to statistics from Shibariumscan. However, there was only a four-fold rise in the number of new accounts, indicating that the increase in activity was mostly the result of previous accounts rather than new ones. In light of this, the number of transactions on the Shibarium network each day grew from 6,791 to 8,091.
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 8,091 transactions the day before, which was a significant decrease from the several millions of transactions that it had at its height at the start of the year.
Now, the question remains: can the return of long-time users finally propel transaction volume on Shibarium to record highs? Remember that this is just 1.6% of the 106,612 accounts that have been registered with Shibarium overall.
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. It is advisable for market participants to carefully examine the performance charts of BONE and Shiba Inu (SHIB) in order to foresee the potential repercussions of this occurrence.
