Shiba

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shiba Inu's blockchain platform, Shibarium, has seen a significant increase in activity, with the number of new accounts rising by 3,436% in just 24 hours. Data from&nbsp;<a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a> shows that new accounts on the network jumped from 30 to 1,031 overnight, indicating a substantial rise in user engagement.
This increase follows concerns about Shibarium's declining activity and attention. The rapid change within a single day has altered this narrative. In addition to the rise in new accounts, the transaction volume on the&nbsp;<a href="https://u.today/52-drop-in-key-metric-shocks-shiba-inus-shibarium" rel="noopener noreferrer nofollow">Shibarium</a> network also increased, growing from 4,751 to 8,527 transactions. This represents an 80% increase in transaction activity over the same period. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="ab8b1e56-f5ac-437f-a618-d233d331b697" src="https://u.today/sites/default/files/inline-images/shibarium_7.png">Source: <a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a>
At the same time, if we judge by the figure of active accounts for the period in question, it grew by 1,243 accounts per day, which means that all transaction activity on Shibarium was provided by new users.
What is behind such an anomalous surge in blockchain activity from&nbsp;<a href="https://u.today/shiba-inu-shib-nears-92-trillion-shib-major-hurdle-whats-next" rel="noopener noreferrer nofollow">Shiba Inu</a>? It is an open question but is probably based on the momentum of the price of&nbsp;<a href="https://u.today/3-shiba-inu-metrics-to-watch-as-shib-plays-rebound-game" rel="noopener noreferrer nofollow">SHIB</a> - a popular meme-inspired cryptocurrency - which has been rising by almost 5% since the opening of a new daily candle on its chart.&nbsp; <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="1576a2d8-c149-47d7-b3a1-4df8688fda54" src="https://u.today/sites/default/files/inline-images/shib_222.png">SHIB to USD by <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">CoinMarketCap</a>
Usually, activity on the network is a precursor to the price movements of related tokens, but apparently in the case of Shiba Inu we are now seeing the opposite story.
This spike in user engagement and transaction volume could indicate a new phase of growth for Shibarium. The coming days will be important in determining whether this increase represents a sustainable trend or a temporary anomaly.

Shiba Inu's Shibarium Skyrockets 3,436% in New Accounts in 24 Hours

U_Today

Other articles published on Jun 5, 2024

Hacked DMM Bitcoin Secures $320 Million for Bitcoin Purchase

‘Moonrise’ Initiative Signals Next Phase in Evolution for New-Look Moonbeam Network in Polkadot E...

BlockDAG Booms: $41.6M Presale and $20 Projections by 2027 Amid BONK and Ethena Price Surge

NEAR Price Eyes 20% Move For A Rising Channel Breakout

SHIB Inu Whale Buys Additional 715B SHIB Tokens

What is the ALEO favored by 19 institutions in ZKP’s largest funding round ever?

Join our free newsletter for daily crypto updates!