Shiba Inu Shibarium daily volume surges to 4.68 million, will this push the price of SHIB to $0.00008? In the past year, the Shiba Inu ecosystem has been expanding rapidly, thanks in part to its second-layer platform Shibarium. Interestingly, recent data shows that Shibarium's activity has seen an impressive rise, with a daily volume of 4.68 million transactions in the past 24 hours. At the time of writing, the trading price of SHIB was $0.00001677, and it has returned to a negative trend in the 7-day and 30-day time ranges. However, the increase in activity has closely followed this trend, and investors are watching to see if this momentum will push the token price closer to $0.00008. According to data from Shibariumscan, in the past 24 hours, the second-layer network has processed 4.68 million transactions, which has actually brought a good month to November. Speaking of November, it's only been three days since the month started, and Shibarium has already processed over 13.4 million transactions. By carefully examining the transaction data, it can be observed that network activity is gradually increasing every day. In particular, data from Shibarium scan shows that 4.21 million transactions were processed on November 1st, 4.53 million transactions were processed on November 2nd, and 4.68 million transactions were processed on November 3rd. Interestingly, this represents an increase of approximately 103,800% compared to the 6,540 transactions registered on Sunday, October 27th. With the surge in trading activity, the Shiba Inu community's interest in SHIB and related tokens (such as BONE) is growing, thanks in part to Shibarium. The increase in trading activity also increases the amount of BONE tokens collected as transaction fees, which has a positive effect on SHIB burning. This is because the accumulated BONE fees on Shibarium can be exchanged for SHIB tokens. These SHIB tokens are then burned and permanently removed from circulation, leading to a decrease in the total supply of SHIB. Since its launch, Shibarium has undoubtedly been a strong pillar of the Shiba Inu ecosystem. Therefore, the rise of Shibarium is the first step towards SHIB price returning to its historical high of about $0.00008. The trading price of SHIB is $0.00001677, which has fallen below $0.000017 in the past 24 hours. Although reaching $0.00008 would be a steep rise, the continuous rise in Shibarium usage could lay a solid foundation for future price pump. Currently, the SHIB price needs to return to $0.00008, and the first step is for SHIB longs to create a price bottom around $0.000017 or $0.0000165, thus preventing further decline. Nevertheless, November and the upcoming U.S. election are expected to be a bullish month for SHIB and the broader cryptocurrency industry. (Data Source: Scott Matherson)

With Shibarium trading volume approaching 300 million, the price of SHIB is about to soar? Due to the uncertainty of Shiba Inu's market price, Shibarium is about to reach a new trading milestone. The latest data from Shibariumscan shows that Shiba Inu's Layer 2 scaling platform is now approaching 300 million transactions, which is an exciting threshold for its successful and impactful deployment. Given that SHIB has struggled to achieve gains over the past month, it's natural to wonder if Shibarium's eventual achievement of this trading milestone will reverse the meme coin's fortunes, even if only temporarily. Shibarium has had a lot of success since its launch in August 2023, becoming the go-to platform for Shiba Inu Whale and investors. In the first month, Shibarium processed more than 3 million transactions, which shows its market fit. In particular, the Layer-2 solution saw a large number of transactions at the end of 2023, bringing the total number of transactions to multiple consecutive milestones. In December, Shibarium saw an average of over 7.5 million daily transactions. However, with the exception of Crypto Assets exchange Gate.io's recent integration of Shibarium, daily trading volumes declined in January. Despite the recent decline, Shibarium's total trading volume indicates a steady stream of trading activity. The current 24-hour daily transaction volume of Shibarium is 2.75 million, with a total of 299.4 million transactions, spanning 2.75 million blocks. Higher usage indicates investor interest and confidence in the ecosystem. At the same time, the fees collected from Shibarium transactions can be used to burn more SHIB, resulting in an increase in SHIB Token in circulation. SHIB is currently trading at $0.000009474, down 13% since reaching $0.0000109 on January 2. Price action shows that the Crypto Assets tested the support levels of $0.0000087 and $0.0000089 throughout the month, rebounding threefold. According to the data, 78.92 trillion SHIB Token were purchased between these price points, which currently act as support. Shibarium's natural gas Token BONE has the same view. BONE is currently trading at $0.6179, down 18% over the past month, as part of Shibarium's recent decline in daily trading volume. However, reaching new trading milestones could lead to an rise in daily trading volume, which would increase the utility of BONE and trigger price increases. (Source: Scott Matherson)

Shiba Inu's Recent Price Fluctuation: Nearly 50%? Data from the Shibarium browser shows that the daily transaction volume on the network has dropped significantly since the start of the new year. Just over 4 million transactions were processed on January 2 and 3. This decline is significant, as the average number of transactions in Shibarium exceeded 7 million for most of last December. December 29 was the last time Shibarium had more than 7 million daily transactions. Since then, the number has been on a downward trend, dropping to 6 million on December 30 and 5 million on December 31. On January 1, things looked set to turn around as the network's daily trading volume rebounded to over 6 million. But this was not the case, and it continued to fall the next day. Since Shibarium's role in SHIB growth has become apparent, the number of daily transactions on the Layer 2 network has become even more important. The Shibarium team has pledged to convert a portion of the transaction fees generated in the network into SHIB and burn these tokens. Therefore, the more transactions on the network, the more SHIB will be burned. These SHIB burns have the potential to have a positive impact on the price of SHIB, as its value may increase as more crypto tokens are withdrawn from circulation. So far, more than 410 trillion SHIB have been sent to Shiba Inu's burn Wallet, with Shibarium contributing a significant portion of this number. At the same time, recent developments suggest that the Shiba Inu team may be looking to improve the usefulness of BONE. SHIB Token has been the focus of the Shiba Inu ecosystem for some time now. However, with Shiba Inu's head of marketing, Lucie, recently turning her attention to promoting Dog Coin, it looks like BONE Token will be joining in. In the X (formerly known as Twitter) post, Lucie mentions several projects that will be launched on the Layer 2 network and points out how users will need Dog coins to access them. BONE was originally created as the native Token of ShibaSwap, and BONE has enjoyed greater utility since the launch of Shibarium. BONE happens to be the gas Token of the layer 2 network. It is worth noting that the increase in the price of BONE may also affect the burning of SHIB, as the team can acquire and burn more meme coins. (Source: Scott Matherson)