 ▲ Shiba Inu (SHIB) |
Shibarium, the layer-2 network of Shiba Inu (SHIB), recorded a 148% surge in transaction volume despite a period of price stagnation, boosting activity within its ecosystem.
According to cryptocurrency media outlet U.Today on March 11 (local time), Shibarium, the dedicated blockchain of Shiba Inu, saw its daily transaction count jump 148% over the past 24 hours. Even as SHIB’s price continued to move sideways within a certain range, on-chain indicators reflecting ecosystem activity trended upward. This sharp increase in network activity suggests that the technical foundation for a price rebound is being established.
The launch of Shibarium has also impacted the asset’s value through its burn mechanism, which enhances Shiba Inu’s scarcity. According to the latest data from Santiment, the total transaction volume within the Shiba Inu ecosystem reached $214.28 million, marking its highest level in over a month since early February. As a portion of gas fees used for network transactions is allocated to SHIB burns, increased transaction volume has led to a reduction in circulating supply. Exchange reserves have fallen below the critical threshold of 80 trillion SHIB.
In the derivatives market, bullish traders have taken control and increased their bets. Citing data from Coinglass, SHIB’s long/short ratio climbed to 1.36, its highest level in the past month. This indicates that investors view the current price consolidation as a buying opportunity and are allocating more capital toward upward positions. Open interest also rose alongside price movement, signaling the influx of new liquidity into the market.
From a technical analysis perspective, Shiba Inu has secured support at $0.0000056 and formed a base-building pattern. Key indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have moved out of oversold territory and signaled a bullish reversal, bringing the token to a potential breakout threshold. Whale investors, responding to improving indicators, have withdrawn large amounts of SHIB to private wallets during recent corrections in preparation for long-term value appreciation.
Backed by technical maturation and strong community support, the Shiba Inu ecosystem has strengthened its position as a virtual economic system. The surge in Shibarium’s transaction volume serves as evidence of the network’s reliability and scalability. As the principles of supply reduction and demand expansion take effect, Shiba Inu appears poised to end its price consolidation and establish an upward trend.
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