Shibarium Transactions Hit All-Time High, But SHIB Price Remains Underwater

Shibarium transactions have reached a new all-time high of $5.11 million, according to the lead marketer of the Shiba Inu ecosystem, Lucie. She cites reports of increased traffic, soaring gas prices, and more burn, acknowledging that momentum is coming slowly but surely.

Shibarium Transactions

Shibarium, the L2 blockchain network built atop the Ethereum blockchain for SHIB, is continuing to gain traction. It was created as a scaling solution for Shiba Inu, allowing for faster and cheaper transactions. However, despite the two ecosystems being linked, their value growth is not showing parity.

Lucie, a technology and marketing specialist for Shibarium and the Shiba ecosystem, revealed that the L2 network’s transactions have hit a new all-time high of $5.11 million. She acknowledges increased traffic, soaring gas prices, and more burn, highlighting that “the momentum is coming slowly but surely.”

It remains unclear where the traffic is coming from, but there is speculation that the momentum could soon reflect on on-chain trading volume as well as Bone ShibaSwap (BONE), SHIB, and Leash (LEASH) prices. This is yet to be seen, especially for SHIB, whose price remains underwater.

SHIB Price

SHIB price is currently consolidating between the $0.00000814 and $0.00000910 levels, with a 0.5% value surge over the last day and a 1% pump in the last week. The Relative Strength Index (RSI) remains above 50, suggesting bulls are leading the SHIB market. However, its flattened outlook shows buying activity remains minimal.

The Awesome Oscillators (AO) are showing red histogram bars and thinly holding in the positive territory. This shows the bears could easily take over. Meanwhile, however, while the odds still favor the bulls, increased buying pressure could see SHIB price move north, clearing out from the consolidation phase by flipping the $0.00000910 resistance to a support floor.

In a highly bullish case, the gains could extend for SHIB price to shed one zero and test the $0.00001066 resistance level. Such a move would constitute a 30% climb above current levels.

On the flip side, increased selling pressure below current levels could see SHIB price lose the immediate support at $0.00000814, potentially extending the fall to the $0.00000659 support level. In the dire case, the slump could extend for the price to collect buy-side liquidity that continues to reside underneath.

Conclusion

The future of Shibarium and SHIB hinges on the success of the L2 network and the ability of the SHIB community to foster growth and adoption. If Shibarium can continue to gain traction and SHIB can break out of its current consolidation phase, the future could be bright for both.