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Shiba Inu’s Shibarium Skyrockets 65% in Key Indicator of Network Activity

Layer-2 blockchain Shibarium from the Shiba Inu ecosystem has experienced a significant increase in activity on its network over the past 24 hours. Thus, according to data from Shibariumscan, the number of active accounts in Shiba Inu’s network increased from 1,034 to 1,706 overnight, an increase of almost 65%. The number of new accounts, however, increased by only four, which means that the increase in activity was mainly due to old accounts, not new ones. Against this background, transactions per day on the Shibarium network increased from 6,791 to 8,091.

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Despite the exponential growth in new accounts, transactional activity within Shibarium has not yet returned to its previous heights. Only 8,091 transactions were recorded within the Shiba Inu network over the preceding day, a notable decline compared to its peak of multiple millions of transactions per day at the beginning of the year. 

Source: Shibariumscan

The question now looms: can the resurgence of old users eventually drive transactional activity on Shibarium back to its all-time high levels? Worth keeping in mind is that this is only a small fraction at 1.6% of the total 106,612 accounts registered with Shibarium.

As attention remains fixated on Shibarium’s on-chain resurgence, speculation abounds regarding the potential impact of this soaring online activity on Shiba Inu’s ecosystem, particularly on the tokens’ market dynamics. Market participants should closely scrutinize the performance charts of Shiba Inu (SHIB) and BONE, anticipating the ripple effects of this development.

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