The Shiba Inu ecosystem was is developing rapidly last year, thanks in part to Shibarium, a Layer 2 platform. Interestingly, the latest data shows that Shibarium has seen an impressive boost in activity, with the daily number of transactions reaching 4.68 million in the last 24 hours.

At the time of writing, SHIB is trading at $0.00001677 and has returned to negative territory on both a 7-day and 30-day horizon. However, the boost in activity has given SHIB investors reason to watch closely to see if momentum continues may affect the price of the token closer to $0.00008.

Shibarium sees an boost in transaction activity

According to data from ShibariumscanIn the last 24 hours, 4.68 million transactions were processed on the Layer 2 network, which essentially starts November off as a good month. Speaking of November, it’s only been three days and Shibarium has already processed over 13.4 million transactions.

A closer look at transaction data reveals a steady boost in online activity every day. Specifically, Shibarium scanning data shows that 4.21 million transactions were processed on November 1, 4.53 million transactions on November 2, and 4.68 transactions on November 3. Interestingly, this represents an boost of approximately 103,800% compared to the 6,540 recorded transactions on Sunday, October 27.

With this boost in activity, the Shiba Inu community is seeing increased interest in SHIB and related tokens such as BONE, which also exploit Shibarium. The boost in trading activity has in turn increased the number of BONE tokens recovered as transaction fees, which is also positive in terms of SHIB burned. This is because accumulated BONE fees on Shibarium are exchanged for SHIB tokens. These SHIB tokens are then burned and permanently removed from circulation, leading to a reduction in the total supply of SHIB.

SHIB price will rise towards USD 0.00008?

Shibarium has undoubtedly been one of the robust pillars of the Shiba Inu ecosystem since its launch. This is why there is an boost in Shibarium activity one of the first steps for the SHIB price to return to an all-time high of around $0.00008.

At the time of writing, SHIB is trading at $0.00001677 lost position above USD 0.000017 in the last 24 hours. While reaching $0.00008 would be a steep climb, sustained growth in Shibarium usage could provide a solid foundation for future price increases.

Right now, the first step towards a return to $0.00008 would be for SHIB bulls to create a price floor around $0.000017 or $0.0000165 that would reject any further declines. Nevertheless, November and the upcoming US elections It’s shaping up to be a bullish month for SHIB and the broader crypto industry.

Featured image created with Dall.E, chart from Tradingview.com