- SHIB’s price tumbled despite increased activity on Shibarium.
- The value of the token might climb as participants stuck to the bullish end.
Shibarium, Shiba Inu’s [SHIB] L2 network, registered an incredible surge in the number of transactions on the blockchain.
On the 10th of April, data from Shibarium explorer showed that the transaction count was less than 6000.
But fast-forward to the time of writing, that figure had increased to 288,690. The remarkable increase was a sign of increased adoption as SHIB users aimed to scale past the hurdles of lower throughout.
While the increase might be impressive, AMBCrypto noticed that it was still far below the number on the 16th of March. During that period, transactions on Shibarium surpassed the 1 million mark.
Source: Shibarium explorer
SHIB, BONE fail to join participate
Despite the increase, SHIB was not left out of the broader market crash. As of this writing, SHIB’s price was $0.000024, representing a 10.60% decline in the last 24 hours.
Bone ShibaSwap [BONE], which is the governance token of the Shibarium ecosystem, also felt the heat. At press time, BONE changed hands at $0.63, indicating a 9.73% 24-hour correction.
But will Shibarium come to SHIB’s aid? Let’s take it from what happened on the 16th of March, as mentioned above. At that time, the price of the token was $0.000025.
But eight days later, the value jumped and hit $0.00031.
If we go by that occurrence, then the price of SHIB might climb within the next few days. However, there was a difference considering that the transactions recorded were four times lower.
While SHIB’s price can increase, the possibility of a rally to $0.000031 within the next few days remains low. Interestingly, other metrics aligned with the thought of a price increase.
No giving up on the meme
For instance, the 24-hour active addresses, which was less than 5000 a few days ago, was closer to 6000 at press time. When active addresses decrease, it means that demand has dropped.
On the other hand, an increase in the metric suggests improving interest in the token. Should active addresses continue to climb, SHIB’s price might also recover from the recent lows.
This sentiment was not only shared by AMBCrypto, but market participants themselves. Evidence of this assertion was displayed below by the Weighted Sentiment.
Weighted Sentiment shows if comments about a project are either positive or negative. On the average, a negative reading implied that there were more negative comments than positive ones.
Source: Santiment
The Weighted Sentiment at press time was positive, indicating that participants were confident about SHIB’s price revival. However, this does not imply that the sentiment has been turned into action.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
Unless demand for SHIB increases, Shibarium’s hike in transactions alone might not save it from the decline.
However, a combination of increased activity and buying pressure might ensure that SHIB leaves the hellhole it has found itself in.
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