Shiba Inu Rally Accelerates as Shibarium Activity Surges 40%

For the first month of 2024, Shiba Inu has been at the forefront of recent advancements in the market for digital assets. The market was extremely volatile at this time, and many assets failed to rise at the predicted rate of speed. Still, there has been a noticeable change in this tendency over the last several days. Additionally, it’s clear that SHIB, one of the market’s most well-known meme currencies, has profited greatly from this turnaround.

An on-chain indicator shows that the dog-themed cryptocurrency Shiba Inu (SHIBUSD) is still attracting new investors. Shiba Inu is witnessing a rise in new users, according to data from IntoTheBlock. According to data from IntoTheBlock, on February 17, the SHIB adoption rate—which measures the proportion of newly created addresses completing their first transaction out of all active addresses on a given day—rose to 39.27%.

This indicates that the popularity and demand of SHIB tokens are growing, as more than two out of every five active addresses are new to the network. Since February 11th, when it was approximately 32%, the adoption rate of SHIB has been steadily rising. This pattern shows that SHIB is drawing in new customers while still maintaining its current base.

Undoubtedly, Shiba Inu Layer 2 Shibarium is drawing more users into the Shiba Inu ecosystem and expanding its user base. The Shibariumscan explorer indicates that 355,378,250 transactions have been made overall. With 3,238,557 total blocks, the number of wallet addresses has now reached 1,352,445.

Shiba Inu Rally Gains Momentum with 40% Increase in Shibarium Activity

In what is undoubtedly a significant milestone for the Shiba Inu ecosystem today, Shibarium’s activity surged by 40% on Friday, propelling the current SHIB rally to eliminate an additional zero. As Shibariumscan demonstrates, the number of fresh BONE transfers on the network has increased from 33,775 to 47,714 as of late.

The asset’s weekly trend is being followed by that development. In particular, February 15th had witnessed extraordinary increase. Then, from 415 to over 33,000 fresh BONE transfers on Shibarium. Consequently, according to CoinMarketCap, the asset is solidly above the $0.0000097 level on Friday.

Shiba Inu’s Shibarium network activity increased by 40% by the middle of February, and this led to the SHIB rally’s subsequent removal of another zero from its price. The rise specifically relates to new BONE transactions that are happening on the network. Therefore we can say that the Shibarium Layer 2 solution associated with Shiba Inu is unquestionably playing a role in expanding the user base, drawing in additional participants to the Shiba Inu ecosystem.