The Layer 2 network of the Shiba Inu ecosystem, Shibarium, experienced a dramatic surge in daily transaction volume over the past 24 hours. According to Shibariumscan data, transactions soared from 970 on October 8 to 2,440 on October 9, marking a 151% increase in daily activity.
Volatile Transaction Trends Persist
This upswing follows a significant decline observed in the preceding days. Notably, Shibarium recorded 5,710 transactions on October 6. Despite a gradual recovery noted since the beginning of October, the sharp drop after six days of increase raises questions about the sustainability of network usage.
A notice on ShibariumScan pointed to ongoing reindexing efforts of the data, revealing that 56% of blocks have been reindexed so far. This may partly explain the irregular patterns in transaction numbers, although the sole cause of such fluctuations remains unclear.
ShibariumScan announced that data reindexing is ongoing, with 56% of blocks reindexed to date.
Nevertheless, the recent uptick has once again highlighted the on-chain activity within Shibarium as the Shiba Inu ecosystem continues expanding its use cases. Although the daily transactions alone do not confirm a lasting recovery, they suggest a renewed short-term interest.
Shiba Inu Price Shows Short-term Recovery
In the last 24 hours, Shiba Inu’s price edged up by 1.24%, reaching $0.00000546. However, the asset has seen a 4.05% decline on a weekly basis. As intraday dynamics return to the positive territory, short-term price movements are being closely monitored once again.
Technically, a death cross on the three-hour chart indicates that short-term pressure has not fully dissipated. This pattern occurs when the short-term moving average falls below the long-term average. Currently, the three-hour chart shows the 50-period average notably below the 200-period average.
The three-hour chart’s 50-period average dipping below the 200-period average indicates ongoing short-term pressure on SHIB.
After reaching $0.000006 on October 5, Shiba Inu experienced a four-day decline, eventually bouncing back on Friday thanks to demand recovery. During this period, SHIB slipped below the 50-day moving average, momentarily testing levels beneath the daily 200 moving average before regaining ground.
Market participants closely watch these short-term fluctuations and data inconsistencies, emphasizing the importance of real-time investor behavior tracking. In the meme token market, an online trend can rapidly generate millions in interest. According to Fomo’s data, a transaction in Niu Lai that raised an investment from $99 to approximately $370,000 exemplifies this volatility. Observing the timing and type of tokens traded by investors is noteworthy. The Fomo App, through social feeds, investor rankings, and trade notifications, consolidates token discovery and trading on one platform, making it indispensable for tracking the meme token universe.
Early Saturday, buyers attempted to reclaim the 50-day moving average, pushing the SHIB price up to $0.000005519. However, a retreat followed this attempt. Whether this level can be surpassed again in upcoming sessions will be pivotal in determining if the recent recovery can be sustained.
