Daily Shiba Inu Shibarium Transactions Rise to 4.68 Million; Will This Push SHIB's Price?

SHIB is now trading at $0.00001677 and is down in both the seven-day and 30-day periods. The increase in activity has given SHIB investors something to monitor to see whether it can push the token's price closer to $0.00008.

Shibarium Transactions Rise
Shibariumscan reports 4.68 million layer-2 network transactions in the previous 24 hours, starting November well. Shibarium has completed 13.4 million transactions in November just three days.

A deeper look at transaction data shows daily network activity rising. In particular, Shibarium scan data reveals 4.21 million transactions on November 1, 4.53 million on November 2, and 4.68 million on November 3. Interesting, this is 103,800% more than the 6,540 transactions on Sunday, October 27.

With this rise in activity, the Shiba Inu community is interested in SHIB and associated tokens like BONE, which benefits from Shibarium. boosted transaction activity has boosted BONE tokens recouped as transaction fees, which is good for SHIB burns. Because Shibarium exchanges BONE fees for SHIB tokens. The SHIB supply decreases when these tokens are burnt and permanently deleted.

According to Shibarium, SHIB's price may rise to $0.00008.
Since its introduction, Shibarium has been a key component of the Shiba Inu ecosystem. Thus, the rise in Shibarium activity is a precursor to the SHIB price returning to its all-time high of $0.00008.

SHIB is now trading at $0.00001677, down from $0.000017 in 24 hours. Getting to $0.00008 would be a difficult climb, but continued rise in Shibarium use might support future price gains.

The first stage for a rebound to $0.00008 is SHIB bulls setting a price floor around $0.000017 or $0.0000165 to stop further losses. However, November and the US elections should be good for SHIB and the crypto business.

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