Key Shibarium metrics suggest the Shiba Inu ecosystem might be gearing up for a push to the upside. Notably, Shibarium’s transaction data has seen triple-digit percentage jumps in transactions and fees paid in BONE over the past week. This suggests Shiba Inu might be receiving increased attention from traders, a scenario that may result in SHIB rebounding at a crucial support level during the course of the week.
Shibarium Sees Massive Surge In Activity Over the Weekend
According to the latest data, transactions on the Shibarium network exploded over the weekend, soaring a whopping 441% on Saturday. Over 13,190 transactions were recorded on Shibarium on Saturday, up from just under 3,500 earlier in the week. The massive surge in activity led to higher fees on the network as it strained under the increased load.
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Consequently, the average fees paid in BONE on Shibarium transactions jumped 176%. Furthermore, data from Shibariumscan indicates that 154 new accounts were created on Sunday, a 1,600% increase from 9 new accounts created on Monday, June 10.
Interestingly, these numbers are small compared to metrics recorded on Shibarium earlier in the year. However, their increases have come during a particularly bearish period for the Shiba Inu community. This is a positive sign for SHIB price, as the increase in transactions increases the amount of gas fees, which in turn increases the number of SHIB tokens to be burned.
Current State Of Shiba Inu
At the time of writing, SHIB is trading at $0.00002013 and is currently down by 2.21% in the past 24 hours. Notably, SHIB has declined for the past seven days amidst a wider market price drop led by Bitcoin. Consequently, SHIB has lost 13.11% of its market cap in the past seven days as traders continue to exit their long positions.
SHIB now finds itself trading around the psychological $0.000020 price zone and could even break down further despite Shibarium’s transaction surge over the weekend. According to data from IntoTheBlock, only about 3.97 trillion SHIB tokens purchased by 5,270 addresses serve as resistance at this price level. If SHIB fails to defend this support and breaks below, the next key level is at $0.000190, where 4,310 addresses are currently holding 6.21 trillion SHIB tokens.
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