According to recent reports, Shibarium has made an astonishing comeback, after a particularly underwhelming first launch.
The Shibarium developers initially had to shut down the network in August, due to the massive amount of traffic Shibarium first encountered on its initial launch.
More than $1.5 million worth of Ethereum became stuck on the Shibarium bridge, and users were advised to discontinue their interaction with the network.
However, on the relaunch, Shibarium has taken the crypto industry by storm in terms of new wallets created, transaction volume, and several other bullish metrics.
We all want to know:
Will this new alliance be the saving grace for Shiba Inu?
This week, Shibarium has experienced a massive whirl of activity on relaunch and is now the hottest topic in crypto.
According to data from Shibariumscan, the number of Shibarium transactions has more than doubled over the last week, rising from a previous high of 88,630 to a startling 177,050 transactions over the last 24 hours.
As if this isn't enough, the total number of transactions the network has processed so far has now reached an astounding 1.75 million, with more than 558,000 total blocks.
The illustration above also shows that the number of wallet addresses on Shibarium has also climbed, to about 1.125 million so far.
Some of Shibarium's success has rubbed off on Shiba Inu, as outlined by a recent blog post.
This post mentions that since the initial launch of Shibarium in August, more than 1 million new addresses have joined Shiba Inu's numbers, as illustrated by the chart from Glassnode below
Shiba Inu's burn rate has also surged by 35.25% overnight, with 69,619,443 $SHIB burned over the last 24 hours.
Shiba Inu's social dominance is also on the rise, as illustrated by the chart below:
This means that more people are talking about Shiba Inu on social platforms, and may be one of the many bullish signs for Shiba Inu.
Overall, Shibarium's success is rubbing off on Shiba Inu, in that the latter's average transaction cost of $4.89 has now been significantly reduced to $0.02 for Shibarium users.
One would think that Shibarium's success would help Shiba Inu's price.
However, the reverse is the case.
According to CoinMarketCap, Shibarium's success is helping Shiba Inu in every other metric, except price.
According to the snapshot above, Shiba Inu's price is less than impressive, with a 2.63% decline over the last 24 hours, and an even more massive 5% dip over the last week.
However, SHibarium can still help Shiba Inu's price in several ways.
As outlined in a tweet by Shiba Inu's marketing lead, LUCIE, Shibarium's success is going to help Shiba Inu massively.
For example, Shibarium's scalability, speed and other features can make Shiba Inu a cheaper and more effective network to use, effectively increasing its price.
More businesses can access Shiba Inu now, bringing a global audience to the blockchain.
Who knew that a price dip could be good news?
According to recent data, it appears that Shiba Inu whales have been taking advantage of Shiba Inu's price weakness, and are now accumulating the cryptocurrency massively.
IntoTheBlock data shows that addresses holding 1 trillion to 10 trillion Shiba Inu saw an increase of 17.07% over the last 30 days.
The amount of whale transactions is also on the rise, showing that the whales are getting interested in Shiba Inu, and are betting on a coming price increase.
This is what Shiba Inu looks like in the charts.
Shiba Inu is in a descending channel and is currently bearish over the long-term.
However, the cryptocurrency is being held up by the $0.0000073 zone and is only staying above a drop to $0.00000552 or lower because of it.
However, according to CoinCodex's AI algorithm, a month from now (in October), Shiba Inu is bound to rally right back up into a retest of its 55-day EMA (around $0.0000084), in a +10% rise.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.