SHIB Soars to 7-Day High as Shibarium Transactions Hit Record

Shibarium has recently witnessed an increase in its daily transaction count. As of December 4, the total daily transactions recorded on Shibarium soared to an impressive 7.84 million. This significant activity has pushed the network’s total transactions to above 27,000,000.

Where is the burn button? I want to press it to burn the $36,000 shibarium accumulated today! Someone ask Lucie or a discord moderator where it’s at. #SHIBA #Shibarium #burnSHIB pic.twitter.com/yR0cGHseZl

— ClayBro (@ClayBro883) December 4, 2023

Consequently, this surge in transaction volume has had a notable impact on the broader market, particularly on the value of Shiba Inu (SHIB). As the transaction count on Shibarium rises, SHIB has experienced a recovery in its price to its 7-day high of $0.000009415 before experiencing a slight correction.

This increase in transaction count indicates growing interest and adoption of the Shibarium network, potentially leading to further price appreciation for SHIB. SHIB traded at $0.000008398 at press time, marking a 9.95% surge from its intra-day low. This price movement reflects the growing confidence and activity within the Shibarium community.

SHIB/USD 24-hour price chart (source: CoinStats)

During the rise, SHIB’s market capitalization and 24-hour trading volume increased by 9.96% and 323.90%, respectively, to $5,501,671,404 and $550,255,943. This increase in market capitalization and trading volume reflects investors’ growing interest and participation in SHIB, indicating a probable rising trend soon.

Cryptocurrency Market Trends

Moreover, this uptrend in Shibarium is not an isolated event in the cryptocurrency world. Recently, Bitcoin surged to reach $41,476, a level it hasn’t touched in the past 19 months. This spike is partly attributed to the excitement surrounding potential U.S. interest rate cuts and the anticipation of the approval of U.S. stock market-traded bitcoin funds.

Bitcoin’s bullish move has been going on for over one year. Many are just realizing now it.

With that, I’m now beginning to actively sell the Bitcoin I bought at the lows.

We’re up 162%. It’s only 24% till we hit the $1 Trillion market cap, the 0.702 retrace.

I suspect the… pic.twitter.com/yqnbSPt7T7

— Blockchain Backer (@BCBacker) December 4, 2023

Additionally, Ethereum, ranking second in the cryptocurrency market, has also joined the upward trend. The digital currency registered a 4.4% increase, reaching $2,251.8. These movements have contributed to a 4.18% surge in the global cryptocurrency market cap, signifying a broader rally in the crypto markets.

Shibarium’s Role in the Layer-2 Space

Shibarium’s recent record in transaction counts has positioned it as a formidable player in the Layer-2 (L2) space. The network’s ability to handle an increasing transaction load without compromising its chain integrity is remarkable.

This resilience under pressure highlights Shibarium’s potential as a significant player in the L2 landscape, especially considering its relatively recent inception in August. In conclusion, Shibarium’s impressive transaction surge, its impact on SHIB’s price, and broader crypto market trends underscore its growing significance in the Layer-2 space.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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