Shibarium Transaction Spike Hits 760%, Fuels Bullish Sentiment for Shib Inu
Shibarium's daily transactions have skyrocketed by a phenomenal 760% in just two days, reaching an all-time high of 324,590 transactions on October 19. This surge has been met with excitement from Shib Inu enthusiasts, who see it as a bullish sign for the meme coin.
According to data from Shibariumscan, daily transactions had been steadily increasing since October 18, climbing from 28,110 to 324,590 in just one day. On October 20, another 242,890 transactions were recorded, solidifying the upward trend.
The increase in daily transactions has a direct impact on the burn rate of SHIB tokens. With more fees being generated through transaction charges, a larger portion is converted to SHIB and burned. This has led to a notable 9% rise in SHIB's price since October's onset.
Lucie, Shiba Inu's Marketing Lead, attributes this growth to several factors, including Shibaswap, which is a decentralized exchange (DEX) launched on the Shibarium network in May. Shibaswap's rising trading volumes have contributed significantly to the surge in daily transactions, with DeFiLlama data showing an 8% increase in weekly trading volume for the Shibex DEX.