Shiba Inu (SHIB) is facing a price drop, yet Shibarium network activity is booming, indicating a significant transaction volume.
Growth in Shibarium Network Activity
Despite the token's value decline, activity on the Shibarium network has increased. Since August 2023, this Ethereum-based Layer 2 solution processed over 1 billion transactions. This milestone underscores the network's importance in reducing transaction costs and enhancing efficiency on the Ethereum platform.
SHIB Trading Volume and Speculation
Shiba Inu's trading volume grew by 39.78%, reaching $261 million daily, while the token's price slightly decreased by 0.20%. These results indicate higher trading activity, possibly due to speculation or short-term trading operations. SHIB's market capitalization stands at $7.47 billion, matching its fully diluted valuation.
Market Concerns and Technical Indicators
SHIB's funding rates have been oscillating since the start of the year. They were positive at times and negative at others. SHIB spot prices showed relatively minor movements, indicating that perpetual futures traders were more reactive than spot market participants. Technical analysis indicates that SHIB might soon enter a consolidation phase as indicators like RSI and MACD suggest possible stabilization.
Despite SHIB's price drop, activity on the Shibarium network indicates strong user engagement and significant achievements amidst the expanding blockchain technology use.
