Shibarium daily transactions have seen an 85% drop, while Shiba Inu burns have decreased by 78%. This has raised concern in the SHIB communityconsidering the impact they have on the price of the Shiba Inu.
Shibarium Transactions and Shiba Inu Burns
Shibarium scan data shows that daily transactions on the layer 2 network fell from 4.76 million on October 26 to 699,690 on October 27. Shibbburn Facts shows that the Shiba Inu Burn Rate fell 78% in the last 24 hours, with 9.7 million SHIB tokens burned in this period.
This fall in Daily Shibarium Transactions and Shiba Inu burns are correlated, as the burn rate generally increases when there are more transactions on the layer 2 network. This is because the network has committed to using the base fees earned on the network to buy back and burn SHIB tokens.
Meanwhile, the drop in daily transactions on the Shibarium network appears to be a correction, considering that the network's daily transactions increased from 20,000 to millions in just a few days. Therefore, this could simply be a cooling-off period before daily transactions on the network reach new highs.
Shibarium daily transactions will likely increase again, considering that the Shiba Inu Marketing Leader, Lucierecently revealed that the SHIB Shiboshi nft collection, initially launched on ethereum, is connecting to Shibarium. Shiboshi holders have already indicated that they are pooling their nfts. As such, this move could lead to more activity in the layer 2 network.
looked too x.com/LucieSHIB/status/1850629032867471737″ rel=”nofollow” target=”_blank”>revealed that these nft collections will enjoy a strategic upgrade on the layer 2 network. According to her, these nfts will get new features and functions in the Shiba Inu ecosystem. Shiboshi holders will also enjoy access to exclusive events and rewards. The Shiba Inu marketing leader added that Shiboshis will play a role in future expansions across the SHIB ecosystem.
A SHIB price recovery could follow
The price of the Shiba Inu has dropped almost 12% in the last seven days, indicating a bearish sentiment towards the meme coin right now. However, SHIB could enjoy a major price recovery as Shibarium daily trading and Shiba Inu burning recover.
SHIB burns, in particular, always present a bullish outlook for the meme coin whenever they rise from the Shiba Inu Price It will become more valuable as more coins are burned.
The first objective will be for the SHIB price to recover above the psychological price level of $0.00002. The expert Óscar Ramos also x.com/realOscarRamos1/status/1850324202919723488″ rel=”nofollow” target=”_blank”>reaffirmed his belief in the meme currency, stating that he is confident that the SHIB explosion is imminent.
At the time of writing, the Shiba Inu price is trading at around $0.000017, a drop in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
