Shibarium every day transactions have witnessed an 85% crash, while Shiba Inu burns have dropped by 78%. This has raised concerns within the SHIB community, considering the impact they’ve on the Shiba Inu price.
The Shibarium Transactions And Shiba Inu Burns
Shibariumscan data shows that the every day transactions on the layer-2 network crashed from 4.76 million on October 26 to 699,690 on October 27. Meanwhile, Shibbburn data shows that the Shiba Inu burn rate dropped by 78% within the last 24 hours, with 9.7 million SHIB tokens burnt in this era.
This drop in Shibarium’s every day transactions and Shiba Inu burns are correlated because the burn rate typically spikes when there are more transactions on the layer-2 network. It is because the network has committed to using the bottom fees earned on the network to purchase back and burn SHIB tokens.
Meanwhile, the crash in every day transactions on the Shibarium network looks to be a correction, considering that the network’s every day transactions spiked from 20,000 to hundreds of thousands in only a number of days. Subsequently, this might simply be a cooling-off period before the every day transactions on the network reach recent highs.
Shibarium’s every day transactions will likely spike again, considering that the Shiba Inu marketing lead, Lucie, recently revealed that the SHIB Shiboshi NFT collection, initially launched on Ethereum, is being bridged to Shibarium. Shiboshi holders have already indicated that they’re bridging their NFTs. As such, this move could drive more activity to the layer-2 network.
Lucie also revealed that these NFT collections will enjoy a strategic upgrade on the layer-2 network. In keeping with her, these NFTs will gain recent features and roles within the Shiba Inu ecosystem. Shiboshi holders will even enjoy access to exclusive events and rewards. The Shiba Inu marketing lead added that Shiboshis will play a task in future expansions across the SHIB ecosystem.
A SHIB Price Recovery Could Follow
The Shiba Inu price is down almost 12% within the last seven days, indicating a bearish sentiment towards the meme coin in the mean time. Nevertheless, SHIB could enjoy a big price recovery as Shibarium’s every day transactions and Shiba Inu burns pick up again.
The SHIB burns, particularly, at all times present a bullish outlook for the meme coin at any time when they surge because the Shiba Inu price will grow to be more beneficial as more coins are burnt.
The primary goal shall be for the SHIB price to get well above the psychological price level of $0.00002. Expert Oscar Ramos also reaffirmed his belief within the meme coin, stating he’s confident that the SHIB explosion is imminent.
On the time of writing, the Shiba Inu price is trading at around $0.000017, down within the last 24 hours, in accordance with data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com