Shiba Inu Shibarium daily volume surges to 4.68 million, will this push the price of SHIB to $0.00008?

In the past year, the Shiba Inu ecosystem has been expanding rapidly, thanks in part to its second-layer platform Shibarium. Interestingly, recent data shows that Shibarium's activity has seen an impressive rise, with a daily volume of 4.68 million transactions in the past 24 hours.

At the time of writing, the trading price of SHIB was $0.00001677, and it has returned to a negative trend in the 7-day and 30-day time ranges. However, the increase in activity has closely followed this trend, and investors are watching to see if this momentum will push the token price closer to $0.00008.

According to data from Shibariumscan, in the past 24 hours, the second-layer network has processed 4.68 million transactions, which has actually brought a good month to November. Speaking of November, it's only been three days since the month started, and Shibarium has already processed over 13.4 million transactions.

By carefully examining the transaction data, it can be observed that network activity is gradually increasing every day. In particular, data from Shibarium scan shows that 4.21 million transactions were processed on November 1st, 4.53 million transactions were processed on November 2nd, and 4.68 million transactions were processed on November 3rd. Interestingly, this represents an increase of approximately 103,800% compared to the 6,540 transactions registered on Sunday, October 27th.

With the surge in trading activity, the Shiba Inu community's interest in SHIB and related tokens (such as BONE) is growing, thanks in part to Shibarium. The increase in trading activity also increases the amount of BONE tokens collected as transaction fees, which has a positive effect on SHIB burning. This is because the accumulated BONE fees on Shibarium can be exchanged for SHIB tokens. These SHIB tokens are then burned and permanently removed from circulation, leading to a decrease in the total supply of SHIB.

Since its launch, Shibarium has undoubtedly been a strong pillar of the Shiba Inu ecosystem. Therefore, the rise of Shibarium is the first step towards SHIB price returning to its historical high of about $0.00008.

The trading price of SHIB is $0.00001677, which has fallen below $0.000017 in the past 24 hours. Although reaching $0.00008 would be a steep rise, the continuous rise in Shibarium usage could lay a solid foundation for future price pump.

Currently, the SHIB price needs to return to $0.00008, and the first step is for SHIB longs to create a price bottom around $0.000017 or $0.0000165, thus preventing further decline. Nevertheless, November and the upcoming U.S. election are expected to be a bullish month for SHIB and the broader cryptocurrency industry.

(Data Source: Scott Matherson)