Shibarium, Shiba Inu\'s Layer-2 Blockchain, Witnesses a 450% Surge in New Accounts Over the Past 24 Hours

Also, the surge in new users coincided with the increase in the total amount of tokens paid as fees using Shiba Inu's native token BONE.

Shiba Inu’s Layer-2 blockchain, Shibarium, has witnessed a 450% surge in new accounts over the past 24 hours, according to data from Shibariumscan.

The number of new accounts per period under review reached the 27 mark, up from 6 on the previous day.

The total number of active accounts also surged 23% from 489 to 602, the Crypto News Flash report noted.

The surge in new users coincided with an increase in the total amount of tokens paid as fees using Shiba Inu’s native token BONE.

As a result, the transaction fees have increased from 19.31 BONE to 40.14 BONE.

The BONE token is used as a gas fee for transactions on Shibarium, with a portion of each fee converted to SHIB and burned, reducing the overall supply for BONE and making the token deflationary.

Shibarium network activity also surged amid the increase in new accounts and higher transaction fees.

The number of transactions surged to 4,319 daily, marking a 35.6% increase from the previous day.

This rise in activity suggests that new users may be joining to explore the platform or to hold BONE and SHIB tokens, boosting the overall network.

The renewed interest in Shibarium is likely due to the recent price action of Shiba Inu tokens.

Shiba Inu Trading Activity Drops After 17% Surge

Shiba Inu’s native crypto SHIB registered impressive gains of 17% over the last week amid the broader crypto market recovery.

At press time, the Shiba Inu price is trading flat with 0% gains at $0.00001931 and a market cap of $11.38 billion.

However, SHIB daily trading volumes are down 32% at press time, currently at $479 million.

Despite the slowdown in SHIB trading volumes, the meme coin has delivered decent gains over the past week.

Although Shiba Inu has seen some impressive gains, the meme coin might be experiencing high price volatility due to large whale movements and potential price manipulation, the CNF update noted.

Data from the market intelligence platform shows that SHIB’s total open interest dropped from $59.6 million to $57.1 million over the past day.

According to Santiment, the total amount of funding rates aggregated by Shiba Inu has plunged below zero, currently sitting at a negative 0.003%.

At this point, short-position holders outnumber long-position traders, anticipating a price decrease.

If the price rises by more than 5%, approximately $2.5 million in liquidations will be triggered for Shiba Inu.

Notably, SHIB’s Relative Strength Index (RSI) is at 61, indicating that the meme coin is slightly overbought.

An RSI of 50 or lower could potentially put SHIB back in the bullish zone.

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