Shiba Inu’s Shibarium, a layer-2 scaling solution designed to enhance the utility of the popular meme-inspired cryptocurrency, witnessed a remarkable surge in activity, recording a 1,733% boost within 24 hours.Â
Massive Spike in New Shiba Inu Accounts
As per data from Shibariumscan, the surge saw 780 new accounts established on Shibarium on May 6. This is more than a 17 times increase from the 45 new accounts recorded the day before. A reflection of renewed interest in Shibarium’s potential as new users are attracted in large numbers to the network.
The spike in new accounts has triggered a cascading effect on the total number of active accounts. Notably, this figure grew by an impressive 48%, jumping from 977 to 1,453 within the same 24-hour period. The significant uptick in new user activity set the community buzzing as to the underlying factors responsible for the sudden growth.
Despite the upsurge in new accounts, transactional activity on Shibarium is yet to regain its previous levels. Notably, only 5,900 transactions were registered on Shibarium over the same 24-hour period. This is a stark decline from its peak of seven million transactions per day at the beginning of the year.Â
In a related boost for the project, Shiba Inu recently featured in the PayPal and MoonPay, collaboration. This partnership saw the addition of SHIB to the list of crypto assets available to residents of the United States.
Transactional Activity Lags Behind
Market watchers are pondering whether the influx of new users will eventually lead to a resurgence in transactional activity This expectation comes with projections that Shibarium’s growth metrics can soar to new levels.
Although there is no plausible cause for the sudden spike in new accounts, it could influence market performance in the coming days within the Shiba Inu network as its burn rate is linked to price rebound.
As Shibarium continues to attract new users, attention switches toward the broader impact on the Shiba Inu ecosystem. This focus primarily centers on market trends for SHIB and Bone ShibaSwap (BONE). Market participants are closely monitoring these tokens. They are analyzing whether the increased user activity will translate into positive market dynamics for the Shiba Inu ecosystem.
BGEcrypto reported on the completion of the Shibarium hard fork recently. This upgrade aims to settle the path for more stable fees, faster transactions, and predictable gas fees in times of intense traffic congestion. This could be a possible catalyst to drive the spike in accounts generated.
