Shibarium Roars with 300 Million Transactions: Can Shiba Inu’s Layer-2 Spark a Price Breakout?

Shibarium Roars with 300 Million Transactions: Can Shiba Inu’s Layer-2 Spark a Price Breakout?

Key Insights

  • Despite a general market dip, Shibarium's transaction count, new blocks, and TVL have remained steady or increased
  • SHIB is currently at a major turning point, sitting on an ascending trendline. If the trendline holds, a potential 70% rally could occur.
  • Robinhood's significant SHIB purchase signals strong institutional interest in the memecoin.
  • While daily active addresses on Shibarium have declined, transaction count continues to rise, suggesting high demand for on-chain activity 

Shibarium metrics have been spiking as of late. According to ShibariumScan, metrics like transaction count and the number of new blocks created have either exploded upwards or remained steady over the last few months.

Moreover, the TVL on the network has held its ground despite the general market dip, showing the resilience of the Shiba Inu network.

Now, we all want to know:

Can the signs of health in Shibarium trickle into Shiba Inu and improve its price standing?

Shibarium Metrics Rally Upwards

According to Shibariumscan, Shibarium's performance has been impressive as of late, with a new milestone of 300 million transactions added to its belt.

Shibariumscan data shows that the network achieved this milestone, with hundreds of millions of transactions spanning 2.7 million blocks, as of January 2024.

Shibarium's transactions growth | Source: <a href='https://www.shibariumscan.io/stats' target='_blank' rel='noreferrer noopener'><u>Shibariumscan</u></a>
Shibarium's transactions growth | Source: Shibariumscan

This reflects the high demand for transacting on the Shibarium network, considering the decline in the number of daily active addresses on the network from a high of over 2,800 to about 1,014 at the time of writing.

Shibarium's daily active addresses
Shibarium's daily active addresses

Moreover, data from DefiLlama also shows that after a strong decline in September of 2023 from $1.47 million to $520,000, Shibarium's TVL has been slowly but steadily gaining ground, and now sits at around $810 million.

Shibarium's TVL
Shibarium's TVL

Robinhood Enters a $SHIB Buying Spree

Siba Inu has entered a slight dip in price along with the rest of the market.

However, Robinhood and several other whales have taken this as an opportunity to buy the memecoin massively.

According to reports, Robinhood has been stacking hundreds of billions of SHIB and other cryptocurrencies over the last week.

Robinhood has been buying more SHIB
Robinhood has been buying more SHIB

According to Data from Arkham Intelligence, Robinhood currently has about $9 billion worth of assets, ranging from ETH, LINK, AVAX and COMP.

However, the exchange's SHIB holdings now amount to about $339 million and is its third largest holding after Bitcoin and Ethereum.

Robin is highly interested in SHIB
Robin is highly interested in SHIB

This shows massive interest from Robinhood in the memecoin, as well as a strong investor conviction that its price will go up.

Can Any Of This Save SHIB?

According to the charts, SHIb has been stuck in a massive formation since May 2022, during the height of the bear market's "reds".

A descending wedge on SHIB
A descending wedge on SHIB

The weekly chart above also shows that SHIB was last rejected from a possible break above this formation in mid-December, last year.

This rejection happened somewhere around $0.00001195 and pushed SHIB down into a consolidation around $0.00001.

The cryptocurrency currently trades at $0.000009, and when we zoom into the daily chart, we can see this:

An ascending trendline
An ascending trendline

Shiba Inu is currently at a major turning point, on top of a major ascending trendline.

This means that if the trendline holds up, we might see a rebound on SHIB, which takes it into a retest of $0.000012 and causes a possible breakout above the weekly timeframe's ascending trendline we mentioned earlier.

A price prediction on SHIB
A price prediction on SHIB

This opens the door to a possible 70% rally from current price levels, as shown above.

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.

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