Shibarium Growth Fails to Boost SHIB Buying Pressure

Shiba Inu's Shibarium ecosystem has seen significant growth in recent times. As of October 2, the explorer shows over 612 million indexed transactions and 239 million addresses. While this is a positive sign for the ecosystem, it doesn't directly translate to buying pressure for SHIB.

The native gas token of Shibarium is BONE, not SHIB, according to official Shiba Inu documentation. This means that rising transaction counts on Shibarium don't necessarily mean more demand for SHIB.

However, network expansion can strengthen the wider ecosystem around the token. Shibarium supports dApps, DeFi, NFTs, and other applications, with over 1,200 dApps and 24,000 smart contracts listed on its development portal.

SHIB needs to flip $0.000006-$0.0000061 into support in order to target $0.00000625 and $0.0000065, which would represent a roughly 10% upside from current levels.