Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has seen a significant spike in one of its major metrics. This follows after data from Shibariumscan revealed that the layer-2 network saw an unprecedented increase in the number of its active accounts within 24 hours.
According to the data, the number of active accounts surged from 1,290 to 3,839 between April 27th and 28th. Although that represents an over 144% increase, the implication reaches even further. It presents a bullish outlook for Shiba Inu, which has largely depended on the layer-2 network for all the success it has recorded since launching last year.
Interestingly, Shibarium also recorded another bullish trend. The network saw a similar spike in the number of new transactions. Between April 27th and 28th, new transactions on Shibarium also surged from 4,997 to 12,191. That is a 143% surge indicating yet another positive sign for the meme coin.
Furthermore, reports recently made the rounds that SHIB’s decentralized exchange (DEX), ShibaSwap, is expanding to Shibarium. This move is expected to expand the user bases of both ShibaSwap and Shibarium. Ultimately, this translates to more good fortunes for Shiba Inu as an increase in user base directly means more transactions and more SHIB burns.
Shiba Inu SHIB’s Price Falls
Meanwhile, despite the positive signs, Shiba Inu’s price continues to be a cause for concern for token holders. The memecoin has been seeing massive drops in its value in what is a direct contrast to what the metrics paint.
However, it might be safe to say that Bitcoin’s price action is responsible for the significant price decline.
Market intelligence platform IntoTheBlock shows SHIB’s price at a 0.82% correlation with that of Bitcoin. This strong correlation simply means that SHIB’s price is mirroring Bitcoin’s, which has also recorded massive price falls lately.
Furthermore, Shiba Inu’s price decline also reflects the drop in large transactions. Data from IntoTheBlock confirms that Shiba Inu’s large transactions have also seen a 4.60% drop. However, even that may be linked to Shiba Inu whales holding off on their investment in the meme coin.As of publication, SHIB was seen trading at 0.00002185, down 8.87% in the last 24 hours, per CoinMarketCap data.
