The price of Shiba Inu could get a significant boost amid activity on Shibarium, the project’s layer-2 network.
In the past seven days, Shiba Inu (SHIB) has struggled to break above the $0.00001 price mark, briefly testing the range multiple times within the period under consideration.
However, if on-chain fundamentals are anything to go by, Shiba Inu could climb above that price range in the coming days.
Shibarium has seen a significant surge in activity. In the past 24 hours, the number of transactions has increased by nearly 200%, from one million to nearly three million.
Notably, this is the highest figure that the network has reached since January 8, when the value reached nearly four million.
This growth is significant to the Shiba Inu price since the team burns a portion of base transaction fees on the Shibarium network.
As The Crypto Basic reported, the team has burned over 43 billion SHIB from Shibarium-linked transactions, with further plans to migrate the burn process to an automated model.
Shibarium TVL Settles Near $1M Again
The increase in user transactions on Shibarium may be indirectly linked to increased DeFi activity on the network. According to industry tracker DeFilLama, the total value of assets locked on the network has now settled closer to the $1 million mark.
The TVL metric shows that Shibarium has added around $250,000 in new capital since late January when the value dropped to around $765,000. An uptick in capital indicates increased investor interest and attracts more users to the network.
The Shibarium network has also benefited from recent integrations with leading trackers Coingecko and CoinMarketCap. The listings expose the network to millions of potential new users.
These developments could potentially help Shiba Inu’s quest to break solidly above $0.00001. At the time of writing, the cryptocurrency is at $0.000009837, whiskers away from another retest of the critical price level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
