Shibarium Soars As Daily Transactions Hit 3 Mln Amid TVL Surge, Will SHIB Rally?

In an exciting turn of events, Shiba Inu’s L2 Shibarium appears to be marking a storm of breakthroughs across the cryptocurrency realm. Intriguingly, Shibarium’s recent on-chain metrics showcase a phenomenal surge in daily transactions on the network. This seems to have sparked immense curiosity among crypto market traders and investors as Shiba Inu’s community recently announced a plethora of upgrades for Shibarium.

DeFiLlama’s data propeled additional optimism for Shibarium, illustrating a brief jump above the $1 million TVL (Total Value Locked) mark recently. This further showcased strong security and traders’ trust in Shibarium, with MARSWAP dominance at 56%.

MARSWAP is a leading DEX (Decentralized Exchange) on Shibarium.

Meanwhile, Shiba Inu’s price traded with quite the volatility today, birthing additional inferences among crypto market enthusiasts. Analysis by CoinGape Media suggests a bullish trend is building up within the broader crypto market.

Shibarium Mirrors Shiba Inu’s Recent Developments

Intriguingly, Shibarium’s daily transactions, hitting 3 million and its TVL nearing $1 million again, align primarily with the Shiba Inu community’s recent plans to jack up the token’s ecosystem. With the imminent launch of SHEboshi, Shiboshi utility, and KNINE, the L2 appears to be gearing up for a revolutionary staging across the cryptocurrency realm. As of press time, Shibarium’s TVL totaled $990,792, whereas the total transactions on Shibarium totaled 360.09 million. This development appears to mimic Shiba Inu’s advancements regarding its cryptographic venture in recent days, propelling market optimism for the meme coin.

In the interim, derivatives data showcased an increase in the token’s open interest and volume, hinting towards increased activity in the derivatives market. This can lead to occasional price volatility, as seen in Shiba Inu’s price today.

Also Read: Watch Out This Bitcoin (BTC) Price Range To Decide the Next Move

Shiba Inu Price Analysis

As of writing, the Shiba Inu price chart showcased a marginal jump of 0.21% in the past 24 hours and is currently trading at $0.00000982. The token traded primarily in the green today, although it recorded a few dips and briefly traded in the red a couple of times, per CoinMarketCap’s data.

Intriguingly, the meme coin broke the $0.0000095 resistance barrier in some fashion, upholding its position above this level most days. SHIB’s price flux maintained the $0.0000095 to $0.0000098 range, reinforcing a positive trend while also signaling a robust bullish pattern.

The constant burning of SHIB and the community’s recent advancements are expected to aid the token’s bullish stance further. Notably, RSI’s positioning at around neutral 60.08 hints at an overbought condition, further propelling bullish thoughts on Shiba Inu. SHIB’s price action ahead remains extensively eyed by crypto market enthusiasts.

Also Read: Crypto Prices Today: Bitcoin Drops Below 52K, XRP & ADA Gain As PEPE Dips