Essential Shiba Inu Indicator Soars by 80%: Is the SHIB Price Ready for a Rally?

TL;DR

  • Shiba Inu’s layer-2 solution, has seen a sharp increase in both active accounts and daily transactions, signaling network growth.
  • Developments in Shibarium may fuel a potential rally for SHIB, which is already recovering alongside other meme coins like MEW and DOGE.

Shibarium Keeps Progressing

Shiba Inu’s layer-2 blockchain solution – Shibarium – once again made the headlines, experiencing a significant revival. 

Latest data shows that active accounts on the network have surpassed 25,000, an 80% increase compared to the number observed the day before and a whopping 3,500% jump since the start of April. Daily transactions have also been on the rise, spiking above 400,000.

Officially launched in August last year, Shibarium aims to foster the development of Shiba Inu by enhancing scalability, reducing transaction costs, and improving speed. 

It blasted through multiple milestones in the past several milestones. As CryptoPotato reported at the beginning of the month, total blocks on the network crossed the 4 million level. Wallet addresses are just south of the 1.8 million mark, whereas total transactions currently stand at approximately 415 million. Those willing to learn more about the feature can take a look at our dedicated video below:

SHIB Price to Take Off?

Numerous analysts believe Shibarium’s further advancement could trigger a bull run for the second-largest meme coin. Meanwhile, SHIB has already recovered somesome of the losses recorded over the weekend and is well in the green on a daily scale.

SHIB Price
SHIB Price, Source: CoinGecko

It is not the only meme coin to rally substantially today (April 15). The Solana-based Cat in a Dogs World (MEW) is among the market’s best performers, exploding by almost 100%. 

Dogwifhat (WIF), Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI) have headed north, too, albeit in a more modest fashion.

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