Shibarium Sees 760% Spike in Daily Transactions: Is Bullish Momentum Gaining Steam?

Shiba Inu's Shibarium has seen an unprecedented surge in daily transactions, rising by 760% between October 18 and 19. The layer-2 network's daily transaction peak of 324,590 is the highest recorded in over a month, indicating a bullish trajectory for Shiba Inu.

This significant increase follows months of low activity on Shibarium, with daily transactions sometimes dipping below 20,000. However, the current trend suggests an upward trajectory, which could have a positive impact on Shiba Inu's price.

The increased layer-2 activity can lead to more burns of SHIB through transaction fees. A portion of these fees is converted to Shiba Inu tokens and burned, meaning that a rise in daily transactions results in more fees and thus more tokens burned.