Shiba Inu Drops Over 4% as Shibarium Hits 1 Billion Transactions

Shiba Inu (SHIB) has fallen by over 4% in the past 24 hours, continuing its downward trend. Despite this decline, Shibarium, the layer-2 blockchain supporting the Shiba Inu ecosystem, has reached a milestone of 1 billion transactions for the first time.

Data from Coingecko indicates that SHIB was valued at $0.00001239 after a decline of 4.3% over the past day. Shiba Inu token demonstrated extensive depreciation during the week by sinking 18% and last month revealed another 13% decline. 

At the same time, Shibarium’s usage has surged considerably, with the total number of transactions exceeding 1 billion since its debut in August 2023.

Shibariumscan.io indicates that the network has handled roughly 1.005 billion transactions. The swift increase in transactions on Shibarium occurs as it advances its function within the Shiba Inu ecosystem, providing quicker and more economical transactions relative to Ethereum’s mainnet.

Shibarium’s Growth and Increased Network Activity

The achievement of 1 billion total transactions is a major development for Shibarium, which reached this milestone in under two years. Bitcoin reached 1 billion total transactions only after spending fifteen years but Shibarium achieved this milestone in under two years.

The Shibarium network currently records a daily transaction volume of 4.05 million, with an average block time of five seconds. More than 194 million exclusive addresses function alongside 10.25 million total blocks on the blockchain which shows continued growth in network utilization.

At the end of March, Shibarium’s total value locked (TVL) increased by 24% to $2.5 million. Within this ecosystem, ShibaSwap’s TVL grew by 37%, while WoofSwap and ChewySwap recorded increases of 31% and 20%, respectively. Despite these gains, SHIB’s price remained on a downward trajectory, falling 20% from its recent peak.

Shiba Inu Trading Volume Rises Amid Price Decline

Following Shibarium’s latest milestone, SHIB recorded a spike in trading activity. Data shows that SHIB’s 24-hour trading volume surged by nearly 20% to $229 million. The higher trading volume failed to boost the token price because SHIB kept dropping in value.

Over the past week, SHIB has struggled to hold key support levels. Market sell pressure became evident through the local resistance point rejection which reached 20% from its price at $0.0000152. 

Moreover, the market data suggests the price structure maintains uncertainty because support originates at $0.0000115. The token’s value may pursue additional bearish momentum if it falls below this level.

Market-Wide Downtrend Affects SHIB Performance

The recent drop in Shiba Inu’s price comes after a wider market correction. Bitcoin as the leading cryptocurrency dropped to $82,400 last week from its previous value of $87,600 at a 5.8% decline. This decline has resulted in sell-offs throughout the altcoin market, including SHIB.

Even with the recent drop, various indicators point to continued purchasing momentum for SHIB. OBV has displayed rising figures for three consecutive weeks revealing increasing purchasing activities by investors. Moreover, the Relative Strength Index (RSI) indicates signs of improvement, implying that market sentiment may change if SHIB sustains its existing levels.

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Currently, SHIB is in a fluctuating stage, with traders monitoring important support and resistance levels closely. The ongoing increase in Shibarium’s network engagement could influence the token’s long-term results.

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