SHIB Price Surges Amidst Shibarium’s Huge 88.24% Drop in Key Metric
Shibariumscan explorer data has revealed a significant decrease in activity for the Layer-2 solution Shibarium over the past few days. Despite this, the price of the popular meme-themed cryptocurrency SHIB has been breaking out, riding the bullish momentum in the market.
According to the data, daily transaction count for Shibarium has plummeted by 88.24%, going from an impressive 28,680 on August 20 to a mere 3,370 on August 23. This decline marks the only peak reached in this metric over the past month.
On the other hand, the total transaction count has surpassed 418 million this week and now stands at 418,110,651. There are currently 1,812,852 blockchain wallets connected to Shibarium, and the number of blocks generated on the platform is 6,465,916.
While daily transaction activity has returned to normal levels after a sudden peak, the price of SHIB has experienced remarkable growth in the last 24 hours. The cryptocurrency has surged by approximately 8.5%, surpassing the $0.00001425 price mark and reaching $0.00001546. Overall, SHIB has gained 18.50% since the beginning of the week.
Similar to other altcoins, the price trajectory of Shiba Inu (SHIB) has been closely following that of Bitcoin. In the past day, Bitcoin has spiked by over 6% and reclaimed the $64,000 price level after hovering around the $60,700 zone.
This surge in Bitcoin’s price was triggered by the announcement from the head of the Federal Reserve, Jerome Powell, stating that the Fed is likely to begin cutting interest rates. This news had a positive impact on Bitcoin, allowing it to resume its upward trend after trading in the $60,000 to $61,000 range.