Shiba Inu's layer-2 network, Shibarium, experienced a notable surge in activity over the past 24 hours. Data from Shibariumscan indicates that the daily number of transactions jumped from 970 on October 8 to 2,440 on October 9, marking a 151% increase. This rise follows a significant decline in transactions, which had peaked at 5,710 on October 6. While the activity on Shibarium has been gradually increasing since the start of October, the recent spike raises questions about the sustainability of this recovery.
The inconsistency in transaction activity may be attributed to ongoing reindexing, as noted by ShibariumScan. Currently, 56% of blocks have been indexed, which could explain the erratic nature of the data. Regardless of the cause, the 151% surge has reignited interest in Shibarium as the Shiba Inu ecosystem continues to expand its utility.
On the first anniversary of the 10/10 flash crash, which triggered the largest liquidation event in crypto history, Shiba Inu's price is currently in the green. The cryptocurrency is up 1.24% in the last 24 hours, trading at $0.00000546, but remains down 4.05% on a weekly basis. This rebound follows a three-hour death cross, a bearish signal where the 50 MA fell below the 200 MA on the 3-hour chart.
Shiba Inu's price had been declining for four days from a high of $0.000006 on October 5 before recovering on Friday. The price briefly dipped below the daily MA 200 before bouncing back above it. Bulls attempted to reclaim the 50 DMA early Saturday, pushing the price to $0.000005519 before a slight retreat. A successful recovery of the 50 DMA could signal continued upward momentum in the upcoming sessions.