At the time of this writing, Shiba Inu (SHIB) was trading at $0.00001691, corresponding to a 4.75% plunge within the past 24 hours. While this price action signals an incoming bearish twist, a few positive sentiments in the Shiba Inu ecosystem indicate a possible recovery.
SHIB burn rate and Shibarium daily transactions on rise
Data from Shiba Inu’s dedicated burn tracker, Shibburn, shows this metric increased by 114.36% in the last 24 hours. This led to the incineration of 9,071,593 SHIB. As a result of this burn rate, 410,731,258,074,742 is now destroyed from Shiba Inu’s initial supply.
Similarly, Shibarium Scan shows that the number of daily transactions on Shiba Inu’s Layer-2 scaling blockchain is as high as 4.75 million.
This figure comes after Shibarium recorded an intense low of 3,000 at the beginning of October. Amid the growing adoption surge, this metric reached 4.77 million on Friday. The total number of transactions is about 435,711,744, with 7,549,163 blocks produced at an average block time of five seconds.
These growth tractions hold the potential to trigger a price recovery for SHIB. With such values, Shibarium is one of the most utilized L2 blockchains. This accolade could drive more users to the network, bringing increased use cases to SHIB.
The increase in demand and network activity may lead to a supply crunch that may kickstart the price rally in the short term.
SHIB community anticipates good news
Meanwhile, the SHIB ecosystem is currently in hyper bullish mode. This began after LUCIE, the network’s marketing lead, released a four-word post on X.
“Step by Step. Patience,” She wrote.
While this statement does not mention Shiba Inu, Shibarium, or even the much-anticipated SHI stablecoin, it sounds like an encouragement to the SHIB Army.
The post is arguably urging them to remain patient and believe that the best times for the Shiba Inu ecosystem are ahead.