Shiba Inu ecosystem continues to capitalize on the volatile bullish momentum in the market to inspire new highs. The ecosystem is currently experiencing a significant surge in the Shibarium index, indicating an increased demand for the Shib token among ordinary cryptocurrency enthusiasts.
Shibarium Soars 388%: What Does This Mean?
According to Shib.io, Shibarium is the second-layer solution of the Shiba Inu ecosystem, and its online activity is significantly increasing. Data from Shibarium Scan shows a remarkable increase in the transaction fee index of Shiba Inu.
Shib’s transaction fees soared by 388%, rising from 16.22 BONE on June 17 to 78.18 BONE on June 23. This surge indicates an explosive demand for the network, signaling the token’s success regardless of market dynamics.
The statement further outlines an increase in the average block size on Shibarium. This development demonstrates a growing interest in the domain, symbolizing the unparalleled popularity and usage of Shiba Inu. Subsequently, the block size increased by 28.9%, emphasizing the fact that the blocks are carrying additional data to accommodate the continuously growing influx of users on the network.
The index recording new transactions on Shibarium saw a staggering increase of 178.55%, further solidifying the success of the entire SHIB ecosystem. Despite the token’s recent slow and gradual price increase, its community enthusiasts have been vying for the token to reach and surpass the $0.01 mark.
Rising Index, Rising Hope
The positive growth index of Shibarium has once again ignited new hope in the hearts of community members. Known for their unwavering and dedicated support for the ecosystem, SHIB enthusiasts are currently lining up, patiently waiting for the token to enter a bullish market as soon as possible.
According to CoinCodex’s data, SHIB may decrease by 5% by the end of June 2024, potentially forcing its price to trade at $0.00001656.
“Based on our current Shiba Inu price prediction, we expect the price of Shiba Inu to decrease by -4.98% and reach $0.00001656 by July 25, 2024. According to our technical indicators, the current sentiment is bearish, with a fear and greed index showing 30 (fear). Shiba Inu has recorded 11/30 (37%) green days in the past 30 days, with a price volatility of 13.76%.
However, with the development of new infrastructure, SHIB intends to regain its undervalued valuation and strength in the field. Shiba Inu developers recently announced plans to launch a blockchain version of their game Shiba Eternity to attract new users. These changes may bring new price action for SHIB and, in the long run, potentially reverse the ecosystem’s situation.”
