•Cryptocurrency transactions exploded by 160% in 24 hours.
•Amid a rebound in key metrics, Shiba Inu coin transactions on the Shibarium network rose by a staggering 160% in 24 hours.
•Shibarium – Recovered Transaction Volume Increases Data from Shibariumscan shows that transactions on the Ethereum Layer-2 scaling solution reached 562,980 as of press time. This is a significant increase from the 352,000 recorded by the network a few hours ago. At the same time, this is a far cry from the high of 958,500 that Shibarium saw before the massive 63.2% drop almost two days ago.
•Nearly two weeks ago, it was reported that daily transactions on the Shibarium network rose by a staggering 1,000%. Specifically, it went from about 6,410 to 75,800 in 24 hours. That is, an increase of 1082%. With tremendous growth, it is still below the record transaction volume seen earlier this year.
•The 160% increase in transactions and the figure over half a million indicate that Shibarium's place in the L2 ecosystem has been restored. Overall, this brings the total number of transactions completed on the Shibarium network since its launch in August 2023 to 415 million.
•This increase also provides the potential to expand the Shiba Inu ecosystem, reduce transaction fees, and improve speed.
•In addition, about 100 thousand new wallets were added to the previous number. A total of 1.782 million addresses. Aside from the transaction fluctuations we see daily on L2. Other key metrics on the Shibarium network have remained stable in terms of their performance. It is worth noting that the disruptions did not hamper users' interest in the network.
•Shiba Inu coin transaction activity is rising on Shibarium and based on historical information. Such bursts of activity are usually indicators of a potential rise in price. Therefore, Shiba Inu tokens are expected to react to an increase in transaction volume.
•Shiba Inu (SHIB) price is up 2.63% with the cryptocurrency asset currently trading at $0.00002338 dollar.
