Shiba Inu Surges As Shibarium Daily Transactions Hit Record High Levels Of 7.84M

Shiba Inu SHIB/USD price in the past 24-hour trading has seen a surge of 4% amidst a significant surge in daily transaction volume.

What Happened: Data from Shibarium Scan reflects Shibarium reported its daily transaction of 7.84 million as of Dec. 3, 2023, compared to 5.11 million as of Dec. 1, 2023, and 748,230 as of Nov. 30, 2023. This significant surge has taken the total transaction count to 31.05 million.

The chart from the Shibarium Scan reflects a flat pattern in the transactions not only since the past month but also over the last year. And its daily transactions have hovered around 700,000 transactions.

Amid the bullish Bitcoin run, the Shiba Inu-based Ethereum Layer-2 scaling solution seems to have been broadly benefitted. The significant surge is here to stay and attract further investments in the Shiba space.

Price Action: Shiba Inu has seen a 4% surge in the past 24 trading hours taking its seven-day gains to 9%. Notably, the past 24-hour trading volume of Shiba Inu saw a significant 261.4% surge while the market cap expanded by 1.3%.

BONE ShibaSwap BONE/USD, another major token on the ecosystem used for gas fees on Shibarium, also saw a 6% increase in the past 24-hour trading amid a rise in transaction volume. The past seven-day trading has seen BONE rising 24%.

Why It Matters: Data from Lookonchain indicates that a fresh whale wallet withdrew 600 billion SHIB worth around $5.7 million from the crypto exchange, Binance over 30 minutes. Another wallet of the same whale also withdrew 250 billion SHIB tokens from Binance around nine days ago.

While many memecoins and projects lost their shine during the so-called crypto winter, Shiba Inu stayed strong and maintained its trajectory.

CoinDesk cites pseudonymous Shiba Inu project Lead Developer Shytoski Kusama, “Now that things are beginning to thaw, I look forward to completing our opaque roadmap, and showing the world that decentralization is the true key to onboarding the next billion users into a grown-up version of Web3.”

Next: The Fiat World's Looming Obsolescence - Crypto World's Unstoppable Rise According To Macro Expert Raoul Pal