Shiba Inu Tops Litecoin as Shibarium Reaches Activity Peak

Flooded with 7.84M transactions on Shibarium in a single day, Shiba Inu is setting its teeth on the zero.

Shiba Inu with shib tokens on land flying.
Created by Kornelija Poderskytė from DailyCoin
  • Shibarium L2 hits an all-time record in daily transactions.
  • The Layer-2’s BONE sees a bullish crossover with 22% gains.
  • The total value locked (TVL) on the mainnet is nearly $1 million.

On Monday, the popular canine coin Shiba Inu (SHIB) momentarily flipped Litecoin (LTC) by global market cap this Monday amid a market-wide rally, driven by the looming Bitcoin’s exchange-traded fund (ETF) approval date.

Besides the bullish sentiment amid Bitcoin’s monumental $42,000 run, Shiba Inu’s technical analysis suggests the end of a nearly two-year bearish trendline. Today, SHIB netted a hefty $277 million increase in global market cap, outpacing LTC.

With both cryptocurrencies around the $5 billion market cap mark, the sudden flip in the charts comes amid a daily surge in transactions on Shibarium, counting 7.84 million on December 3, 2023. This reflects rapidly increased builder and trader activity on the public mainnet. To illustrate, decentralized finance data aggregator DefiLama reported a 9% hike in total value locked on-chain over the last 24 hours.

Total transactions on the L2 just crossed 30 million, signaling a new milestone in the development of Shiba Inu’s Layer-2 blockchain. Several prominent SHIB Army members took to X to share the excitement and encouraging words for new projects building on the chain.

Parabolic Volume Upswing on Shibarium

Several Shiba Inu community builders have taken it upon themselves to build new opportunities for crypto enthusiasts, such as buying Shibarium’s own Bone ShibaSwap (BONE) with a debit card or a PayPal account directly on-chain. This feature was introduced by MARSWAP, a decentralized exchange that currently dominates 50.94% of Shibarium’s TVL.

On top of that, Shibarium’s official gas fee token, Bone ShibaSwap (BONE), embarked on a 22% bullish crossover after a month of trading in a descending parallel channel. At press time, Shiba Inu’s BONE trades at $0.743 with a 6% upswing in the last 24 hours, according to CoinGecko.

Counting three days with millions in transactions, Shiba Inu’s self-sufficient blockchain is the perfect catalyst to sustain the bullish crossover.

On the Flipside

  • SHIB again got rejected at the confluent resistance area of $0.00000951, later facing market correction to $0.00000850.
  • The sensitive price territory comes as many SHIB holders seek to break even at multi-trillion resistance levels after a price surge.
  • Currently, the ‘In The Money’ on-chain metric points to 29% of holders making a profit.

Why This Matters

Shiba Inu’s Layer-2 scaling solution brings new utility for SHIB, which is considered a long-term investment by some large cryptocurrency whales.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.