The Activity of the Shibarium Network Increases When SHIB Behaves in This Way
Shibarium’s Network Activity Grows with Price Increase – Is SHIB the Winner?
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Shibarium saw an increase in new ones between February 15 and 18 Demand.
Although the price of SHIB increased last week, it remained vulnerable to fluctuations.
Shiba Inu’s Layer 2 (L2) network Shibarium [SHIB] saw an increase in network activity after an extended period of declining demand, data from Shibarium scan showed.
Between February 15 and 18, the daily number of active addresses that completed at least one transaction on L2 increased by 37%.
The period was also marked by a surge in new demand for Shibarium, on-chain data showed. The number of new transactions completed on Shibarium increased by 140%.
For comparison, 1 million new transactions were completed on the L2 platform on February 15th. By February 18, that number had grown to 2.4 million.
AskFX found that the spike in demand for Shibarium between February 14th and 15th was preceded by an 8,140% one-day increase in BONE transfers on the network.
According to data from Shibariumscan, new on-chain BONE transfers increased from 415 to 33,775 in one day.
Is SHIB the winner?
The increased activity in Shibarium seen last week and overall market growth resulted in SHIB seeing a 5% increase in price last week.
According to data from CoinMarketCap the leading meme coin was trading at $0.000009807 at press time.
An assessment of the coin’s momentum indicator on a 24-hour chart showed continued demand for SHIB. At press time, Chaikin money flow was 0.16.
A CMF value above the zero line and rising is typically viewed as a sign of market strength. It signals an inflow of liquidity, a necessary prerequisite for a sustained price rally.
Similarly, SHIB’s Awesome Oscillator (AO) indicator has only shown upward-pointing green histogram bars since February 11, gradually increasing in height every day.
The AO indicator of an asset measures the strength and direction of a trend of that particular asset over a specific period of time. If solid green bars appear, it indicates an increase in buying pressure.
Traders often view this signal as a good time to enter a long position in an asset.
However, last week’s increase in SHIB’s value came with the possibility of price fluctuation.
Read Shiba Inu [SHIB] price prediction for 2024-25.
AskFX’s readings from the coin’s Bollinger Bands (BB) showed the steady widening of the gap between the upper and lower bands of the indicator.
When this value expands like this, it indicates that there is volatility in the market.
