Despite an 88.24% drop in Shibarium’s daily transaction count, the price of Shiba Inu (SHIB) has surged despite market expectations, showing unexpected resilience in the meme cryptocurrency.
SHIB price rises despite 88.24% drop
According to Shibariumscan Explorer, the Layer 2 solution Shibarium has been very inactive in the last few days.
As the market continues to experience bullish momentum, the price of SHIB, the second most popular meme-themed cryptocurrency, is breaking out of its current range.
The number of daily transactions fell from 28,680 on August 20 to 3,370 on August 23, a decrease of 88.24%, according to the data source mentioned above, which reached its highest level only once in the past month.
Shibarium records 418 million transactions this week
This week there were more than 418 million transactions, bringing the total to 418,110,651. Shibarium is integrated into 1,812,852 blockchain wallets. 6,465,916 blocks were created on Shibarium.
U.Today reports that the price of SHIB has shown a notable increase over the past 24 hours, even though daily transaction activity has resumed its normal pace after rapid growth.
After briefly touching the price barrier of $0.00001425, SHIB rose by 8.5% and finally reached the price level of $0.00001546. The second-largest meme cryptocurrency has gained 18.50% since Monday.
Bitcoin price increase boosts SHIB momentum
Shiba Inu, like many other altcoins, has followed Bitcoin’s price trend. The leading cryptocurrency has reclaimed the $64,000 price level and witnessed a 6% increase over the past day, starting from the $60,700 zone.
Following the announcement by Federal Reserve Chairman Jerome Powell that the US central bank would now likely begin cutting interest rates, the price of Bitcoin skyrocketed.
After fluctuating between $60,000 and $61,000, Bitcoin was able to resume its uptrend due to this aspect.
