This Shibarum Metric Spikes by 150%: SHIB Price Rally in the Making?

TL;DR

Shibarium experienced a significant transaction increase and announced upcoming upgrades to improve user experience and processing times.
Despite these advancements and a notable spike in the SHIB token burn rate, Shiba Inu’s price has fallen by 14% in a week.

Shibarium’s Latest Advancements

Shiba Inu’s layer-2 blockchain solution – Shibarium – witnessed a substantial resurgence today (April 29), with daily transactions crossing the 12,000 mark. This represents a 150% increase compared to the 5,000 recorded the day before.

Despite the spike, the number of daily transactions is far from the peak in mid-April when the figure skyrocketed to almost one million.

Shibarium was recently in the spotlight due to two important upgrades related to its ecosystem. Earlier this month, the team behind the L2 solution launched a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its main purpose is to maximize compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Last week, the developers announced that another upgrade is due on May 2 through a “hard fork.” The upcoming advancement aims to enhance user experience, implement quicker block processing times, and empower the community of developers and innovators.

“We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the developers explained.

Last but not least, Shibarium’s marketing strategist – LUCIE – disclosed on X that the decentralized exchange ShibaSwap moved to the L2 network, “bringing new innovations.”

If you’re curious to learn more about the network and its primary purposes, please check our dedicated video below:

SHIB Price to Head North?

Shibarium’s development has been touted as an essential factor that could proper a Shiba Inu price rally. Another element that could play a role is the increase of the SHIB burn rate.

At one point in April the metric exploded by a whopping 50,000%, resulting in millions of assets destroyed. The figure for March was impressive, too, with over 15.5 billion SHIB tokens removed from circulation.

The popular meme coin, though, has underperformed lately, losing around 14% of its value in the past week.