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Shibarium, Shiba Inu's blockchain solution, has surged by an impressive 160% in just 24 hours, marking a notable recovery in vital metrics. This surge follows a recent decline in transaction volume, indicating a swift turnaround in Shibarium's performance.
Shibarium Surges 160% in 24 Hours, Signals Recovery Amid Fluctuating Transactions
Shibarium, a blockchain solution from Shiba Inu, has increased by 160% in the last 24 hours, indicating a remarkable recovery in key parameters.
According to Shibariumscan data, network transactions increased dramatically to 562,980 during the review time, up from 352,000 earlier in the day. This spike comes after a recent fall in transaction volume, which fell by 63.2% from its peak of 958,500 just two days earlier.
However, the recent surge has restored Shibarium's position, with daily transactions exceeding half a million.
As a result, Shibarium has performed 415 million transactions since its start in August 2023. In addition, there are 1.782 million addresses, representing an astonishing 100,000 accounts.
Aside from the number of daily transactions that experience considerable fluctuations in Shiba Inu's network daily, the other parameters of this blockchain function more consistently.
The abnormal activity on Shibarium can be read in numerous ways, but one thing is certain: there is interest in the project, U.Today reported. At the very least, conventional thinking holds that blockchain activity surges are precursors to large price changes in tokens associated with this cryptocurrency ecosystem.
As a result, it will be intriguing to observe what happens to SHIB and BONE in the near future, given the backdrop of this roller coaster trip at the Shibarium.
Shiba Inu's Lucie Foresees SHIB Supercycle Amid Impending Bitcoin Halving
Against the backdrop of the impending Bitcoin halving event, which has traditionally resulted in price increases, Shiba Inu team member Lucie hinted at a potential SHIB supercycle driven by Bitcoin market movements.
Lucie presented a chart that depicted a pattern of bottoming and reaccumulation in each market cycle, finally leading to a bull market. This pattern is currently being played out in this market cycle, with bottoming and reaccumulation resulting in the start of the bull run, which, according to Lucie's chart, still has room to go.
Urging the Shiba Inu community to zoom out, Lucie feels prices are still on pace for a supercycle, as far as she can tell, adding that 2024-2025 will be intriguing while tagging Bitcoin and SHIB.
Bitcoin halvings, which occur around every four years, have generally been watershed moments in the cryptocurrency market. These events cut the reward for mining new blocks in half, essentially decreasing the rate at which new Bitcoins are created and limiting supply.
Previous halvings have resulted in huge positive rallies in the cryptocurrency market, and the prospect of a scarcity impact has frequently fueled investor excitement.
Oklink, a blockchain explorer, reports that the countdown is two days and 13 hours as of press time, with a projected date of April 20.
With Bitcoin halving on the horizon, the SHIB community anticipates a supercycle, a time of tremendous price gain across the cryptocurrency market. The prediction suggests that SHIB could see a significant increase in value, riding the wave of Bitcoin's reduced supply and increased demand - except Near Protocol, which was higher by 9% on the daily time frame. At the time of writing, SHIB was trading higher among the top 20 coins, up 4% in the last 24 hours to $0.00002243.
Shibarium's gas token, BoneShibaSwap (BONE), has shown similar gains, rising 4% in the previous 24 hours to $0.594.
While the possibility of a Bitcoin-driven supercycle for SHIB may seem appealing, it is important to remember that past performance does not always indicate future results.
Photo: Microsoft Bing
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