Shiba Inu Shibarium Network Sees 50% Increase: What’s Next?
A Shibarium network integrated with the Shiba Inu (SHIB) ecosystem has shown remarkable progress in on-chain activity.
According to data from ShibariumScan, new transactions on Shibarium increased by almost 50%, from 5,150 on Friday to 7,691 on Sunday. This spike shows the growing interest in the network.
Shiba Inu Set For 32% Profit?
Moreover, the total number of shibarium accounts has increased significantly. Starting at 105,367 on May 1, it reached 113,732 on May 27, showing strong expansion and growing confidence in the platform.
Shibarium works as an Ethereum Layer 2 solution, enhancing scalability and transaction efficiency on the Ethereum blockchain. It aims to significantly reduce transaction times and costs, which is in line with Shiba Inu's goal of becoming a widely used cryptocurrency from its origins in memes.
Read More: 12 Best Shiba Inu (SHIB) Wallets in 2024
Recently, the ecosystem grew further by integrating ShibaSwap, a native decentralized exchange (DEX), into Shibarium on May 16.
Shiba Inu developer Cal Dairiya highlighted the team's commitment to continuous improvement.
“This issue is focused on discovery, so all creative geeks get away! We will continue to push forward with regular updates and improvements, and to remind everyone that this is a marathon, not a race,” said Daria.
The Shiba Inu also exhibits a variable contraction pattern (VCP). This technical pattern, characterized by gradually narrowing price fluctuations, is often seen by traders as an indicator of a potential breakout.
If SHIB successfully breaks the neckline at $0.00002631, it could experience an increase of almost 32% from its current market price of $0.00003282.
Read more: 6 best platforms to buy a Shiba Inu (SHIB) in 2024
However, if it fails to achieve this divergence, the price may fall to the support level at $0.00002345. A break below this level could bring the next important support at $0.00002052.
Disclaimer
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