- Transaction fees for Shibarium have increased 500% in a single day, suggesting a spike in demand and network activity.
- Technical patterns and analyst projections point to a possible bullish breakout in the SHIB price, despite a recent price decline.
Shibarium’s Layer-2 transaction fees have increased recently, making news. According to recent data, Shibarium fees, paid in BONE, the ecosystem’s native token, have surged 500% in 24 hours to 61.47 BONE.
Increased Shibarium Fees: A More Detailed Look
These increases in fees are directly related to a noticeable increase in network activity, which is primarily the result of Shiba Inu tokens’ rising popularity during recent market turbulence.
Demand for transactions utilizing BONE has increased as users and investors swarm the network, which has led to higher fees and an increase in the token burning mechanism, which entails transferring some of these transaction fees to a dead wallet in the form of SHIB tokens, in line with what ETHNews previously disclosed.
Shibarium’s active account count has increased dramatically by 211% in just a single day, from 1,724 to 3,650, highlighting this trend even more.
Curiously, even though there haven’t been as many new accounts created overall, the increase in activity seems to be mostly coming from people who already have an account, indicating that community members are becoming more involved with Shibarium instead of welcoming new members.
Market Insights: SHIB Price Dynamics
In the wider market, the Shiba Inu token (SHIB) has encountered certain difficulties despite these thrilling advancements within the Shibarium network.
As of right now, SHIB’s price is at $0.00002145, down 3.73% from the previous day, according to statistics from CoinMarketCap. The token’s 21.52% decrease over the previous week indicates a short-term negative trend.
SHIB aficionados are not without hope, though. Renowned crypto analyst Ali Martinez has pointed out a possible bullish indication for SHIB.
On the daily charts, Martinez noticed a bull flag pattern that was forming, indicating that a breakout was about to occur. Specifically, he has put in buy orders at $0.000018343, hoping for a strong breakout that would push SHIB to $0.000072323.
#ShibaInu appears to be forming a bull flag on the daily chart! I'm placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323.
So, if you want to join me in this trade, head to @coinexcom and sign up using my referral link… pic.twitter.com/er1gE0lozV
— Ali (@ali_charts) May 1, 2024
The most recent movements and technical evaluations raise serious concerns about the future direction of Shiba Inu’s network and tokens.
The Shiba Inu ecosystem’s stakeholders are closely monitoring the developments, with increased activity and volatile token values. They anticipate Shibarium’s rising popularity and underlying strength to support a strong comeback.