Shibarium Network Sees Surge in Activity, Old Accounts Drive Increase

According to U.Today, Shibarium, a layer-2 blockchain from the Shiba Inu ecosystem, has seen a significant surge in activity on its network in the last 24 hours. Data from Shibariumscan reveals that the number of active accounts on the Shiba Inu network rose from 1,034 to 1,706 overnight, marking an increase of nearly 65%. Interestingly, the number of new accounts only increased by four, indicating that the surge in activity was primarily driven by existing accounts rather than new ones. Concurrently, the number of daily transactions on the Shibarium network increased from 6,791 to 8,091. Despite the substantial growth in new accounts, transactional activity within Shibarium has not yet reached its previous peak. The Shiba Inu network recorded only 8,091 transactions in the past day, a significant drop compared to its peak of multiple millions of transactions per day at the start of the year. This raises the question of whether the reactivation of old users can eventually drive transactional activity on Shibarium back to its all-time high levels. It's worth noting that the current active accounts represent only a small fraction, 1.6%, of the total 106,612 accounts registered with Shibarium. As the focus remains on Shibarium's on-chain resurgence, there is widespread speculation about the potential impact of this increased online activity on the Shiba Inu ecosystem, particularly on the market dynamics of the tokens. Market participants are advised to closely monitor the performance charts of Shiba Inu (SHIB) and BONE, in anticipation of the ripple effects of this development.