Shibarium daily transactions surge 151% as Shiba Inu rebounds

Shiba Inu’s layer-2 network, Shibarium, experienced a notable increase in activity as daily transactions jumped within the last 24 hours. According to data from Shibariumscan, transactions soared from 970 on October 8 to 2,440 on October 9, reflecting a 151% rise.

Volatile transaction activity and Shibarium indexing

This sharp increase followed a period of declining network activity, which saw transactions plummet to 970 on October 8 from 5,710 two days earlier. Since the beginning of October, Shibarium had shown a gradual uptick in transaction volume, building over six days before the abrupt downturn that led to this sudden recovery.

Analysts have highlighted the erratic movement in transaction numbers, prompting speculation about whether the latest upturn might signal the start of a more consistent recovery trend for the network.

Shibariumscan has displayed a notice about ongoing reindexing for the network. The message indicated that, as of the latest update, 56% of blocks had been indexed. This process could be contributing to irregularities in the reported data, though it is not possible to confirm the exact impact at this stage.

Despite any uncertainty regarding data consistency, the 151% surge has brought significant attention back to Shibarium’s development as the Shiba Inu ecosystem seeks to expand its utility and user engagement.

Mini dictionary: Shibarium is Shiba Inu’s layer-2 network aimed at improving the scalability and efficiency of transactions within the Shiba Inu ecosystem by offering lower fees and faster processing compared to the Ethereum mainnet.

Shiba Inu price and technical indicators

On the first anniversary of the October 10 flash crash, which led to the largest liquidation event in the cryptocurrency market’s history, Shiba Inu began trading higher. SHIB gained 1.24% over the previous day to reach $0.00000546, though it remained down 4.05% for the week.

The cryptocurrency’s return to green territory followed a technical development known as the “death cross.” This event, recently completed over a three-hour timeframe, involves the 50-period moving average dropping below the 200-period moving average, generally seen as a bearish price signal in the short term.

After recording four consecutive days of decline from a high of $0.000006 on October 5, Shiba Inu rebounded late in the week. The drawdown pushed SHIB below its 50-day moving average and even beneath the 200-day moving average, though a subsequent recovery enabled the price to climb back above these key technical levels.

Shiba Inu’s recent rebound has attracted attention, particularly after an attempt by bulls to reclaim the 50-day moving average early Saturday, with SHIB’s price touching $0.000005519 before retreating.

Market watchers are focusing on whether SHIB can successfully reclaim and hold above the 50 DMA, as such a move may reinforce the ongoing recovery and set the stage for further gains in the upcoming sessions.