Amid a shock in Shiba Inu (SHIB) prices, Shibarium, the Layer 2 blockchain solution associated with this cryptocurrency, has seen a spectacular 231% increase in its transactions.
This dizzying increase, recorded in the last 24 hours via Shibarium-Scan, has marked a remarkable moment for the SHIB ecosystem, raising Shibarium’s total transaction count since its launch in August to an impressive 4.04 million.
This increase in Shibarium activity coincided with notable fluctuations in the price of the SHIB token.
In a span of 24 hours, SHIB saw a 10.6% drop in value, followed by a rapid 5.2% rally, reaching a value of $0.000008 per SHIB at the time of writing, according to data from CoinMarketCap.
BONE Also Showed Significant Moves Following Shibarium Rising
Despite a 6.12% decline, BONE managed to recover by 2.81%, maintaining important support levels.
The intriguing correlation between the increase in transactions on Shibarium and the price movements of SHIB and BONE has sparked speculation in the community.
The possibility is raised that this alignment is indicative of strategies by influential market players that took advantage of the opportunity created by the price drop, which was reflected in the positive charts of SHIB and BONE.
The suggestion of the involvement of large investors, commonly known as “whales”, has attracted attention.
The theory holds that these entities could be influencing market movements strategically, which has added a new dimension to the evolution of the Shiba Inu ecosystem.
This activity has sparked notable interest among investors and enthusiasts seeking to understand the underlying dynamics driving these unprecedented movements in the cryptocurrency market.
