Shiba Inu's layer-2 scaling solution has seen low activity in the past several weeks, stalling its progress observed at the start of the year.
Shiba Inu’s layer-2 scaling solution, Shibarium, has been experiencing a resurgence in activity after several weeks of stalling.
Data from Shibscan reveals a surge in network transactions, with 7,715 new transactions processed on September 18. This marks a significant increase compared to the 4,537 transactions observed the previous day.
Several key Shibarium metrics also noted an uptick on a daily scale, including the number of new verified contracts and active accounts. The L2 blockchain solution went live in August 2022.
Shibarium is designed to foster the development of the Shiba Inu ecosystem by reducing transaction fees, increasing speed, and enhancing scalability. The platform recently adopted a burning mechanism called “Burn Portal.”
This initiative aims to decrease the circulating supply of SHIB tokens, ultimately making them scarcer and potentially more valuable over time. The program is linked to Shibarium’s blockchain operations.
During each transaction on the network, a portion of the costs paid in Bone ShibaSwap (BONE) are used to purchase SHIB tokens from the open market. The acquired amount is then burned by transferring it to a null address.
In contrast, the original burning mechanism employed by Shiba Inu relies heavily on community-driven efforts and voluntary token burns by holders, rather than an automated or protocol-driven process.
For the latest updates on the ecosystem, interested parties can check out Shibarium news.
Shiba Inu (SHIB) Price Analysis
Some industry participants suggest that the further advancement of Shibarium could be among the factors potentially triggering a bull run for Shiba Inu.
According to CoinGecko, the price of the meme coin has surged by almost 10% in the past 24 hours, currently trading at around $0.00001427.
This uptick coincides with an overall resurgence in the cryptocurrency market, where Bitcoin (BTC) surpassed the $63,000 threshold for the first time since late August.
The bullish market environment was likely fueled by the US Federal Reserve cutting interest rates by 0.5%.
Despite SHIB’s impressive comeback, traders are advised to enter the ecosystem cautiously due to the asset’s volatility and rising Relative Strength Index (RSI).
This technical analysis tool measures the change and speed of price movements, aiding traders in assessing overbought or oversold conditions. The RSI ranges from 0 to 100, with readings above 70 typically indicating overbought territory and the potential for a price pullback. Earlier today (September 19), the RSI reached this level.
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