The Shibarium network has seen significant activity growth in the past day, accompanied by nearly a 10% increase in the SHIB token price.
Increase in Shibarium Activity
Data shows that the Shibarium network processed 7,715 new transactions on September 18, a 70% increase compared to the 4,537 transactions on September 17. Other Shibarium indicators, such as the number of new verified contracts and active accounts, have also increased. The layer-2 network was officially launched last August and aims to enhance the Shiba Inu ecosystem by lowering transaction costs, increasing speed, and scalability.
Burn Mechanism Introduction
The Shibarium team recently introduced a burn mechanism called 'Burn Portal' aimed at reducing the circulating supply of SHIB tokens, making them scarcer and potentially more valuable over time. This mechanism uses a portion of the transaction fees paid in Bone ShibaSwap (BONE) to purchase SHIB from the open market and sends them to a null address.
SHIB Price Outlook
Some market participants believe that the continued development of Shibarium could trigger a price surge for Shiba Inu. The SHIB price has increased by nearly 10% in the past 24 hours, reaching approximately $0.00001427. This rise coincided with an overall resurgence in the cryptocurrency market, where Bitcoin exceeded $63,000. Despite SHIB's impressive comeback, traders are advised to be cautious due to the asset's volatile nature and its rising Relative Strength Index (RSI), which has surpassed 70, indicating potential for a price reversal.
The growth in activity and the introduction of new mechanisms in the Shibarium network have positively impacted the Shiba Inu ecosystem and token prices, but it is important to consider potential risks and market volatility.
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