TL;DR
Shiba Inu’s layer-2 blockchain solution, Shibarium, saw daily transactions surge by 193%, although still below its peak activity from mid-April.A 4,000% increase in SHIB’s burn rate and positive analyst predictions hint at the potential for further price gains of 20-50%.The Latest Spike
Shiba Inu’s layer-2 scaling solution – Shibarium – continues to make great strides, witnessing a substantial increase in transaction activity. Data shows that daily transactions on the network have soared to almost 18,000, a 193% jump compared to the figures observed a day earlier.
However, the metric is far from its glory days, which were registered in mid-April. Back then, daily transactions were in the millions.
Launched in the summer of 2023, Shibarium aims to foster the development of the meme coin by enhancing scalability, lowering transaction fees, and improving speed. It blasted through numerous milestones in the past few months, while its further development is considered a bullish factor for the price of Shiba Inu.
The asset has entered into green territory as of late, with its value jumping by 9% on a daily scale and 18% monthly. Meanwhile, those interested in learning more about Shibarium, feel free to check our dedicated video below:
Additional Bullish Elements
Shiba Inu’s burn rate increase can also contribute to a SHIB rally. The metric recently exploded by 4,000%, destroying millions of tokens.
The mechanism’s ultimate goal is to reduce the tremendous circulating supply of the token, making it scarcer and potentially more valuable in time.
Users on Crypto X are generally quite optimistic about SHIB’s potential price movements. Such an example is the popular analyst Ali Martinez, who recently said that the asset’s price can rise by 20% should it break “the upper boundary of this descending parallel channel at $0.00002444.” Interestingly, SHIB has gone above that level during the recent market revival and now sits at $0.0000248.
Dami-Defi was even more bullish. In case SHIB breaks out of the recently formed falling wedge pattern on the 1D time frame, its price could surge by 50%.