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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Update: 530% Spike In Shibarium Metric Could Trigger SHIB Recovery

Best Owie
Best Owie
1 year ago
3 mins read
Shiba Inu Shibarium

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Shiba Inu could be gearing up for a rally after a metric has flashed bullish. This metric has to do with the recently launched Shibarium network whose usage is continuing to rise rapidly. This time around, the Ethereum Layer 2 blockchain has seen a significant surge in the number of new verified contracts.

Verified Contracts On Shibarium Record 530% Spike

On Monday, September 18, the total number of new verified contracts on the Shibarium network saw an impressive increase. The figure rose 530% to mark a top 5 highest day for new verified contracts on the network. This figure had risen from 4 the previous day to 19 on Monday.

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Shiba Inu new contracts

Number of new verified contracts spikes | Source: ShibariumScan

While there was a decline in the number of new verified contracts the following day, the numbers continued to come out larger than Sunday’s figures. On Tuesday, the total number of new verified contracts came out to 12, still 300% higher than Sunday’s figures.

This spike in the number of new verified contracts saw the total number of verified contracts rise to a new all-time high of 430 as of Wednesday morning. The growth is also evident in other metrics such as total accounts which crossed 25,700, and completed transactions on the network almost at 2.7 million.

However, it is not all ‘up-only’ for the network given that active accounts have been on the decline. As of Wednesday, active accounts on Shibarium stood at 589, down from its 7,729 peak recorded on August 26, 2023.

Will This Trigger A Shiba Inu Spike?

Shiba Inu plays a significant role in the Shibarium ecosystem as its governance token and increased usage on the network leads to higher demand which translates to higher prices. This could be the case here with the rise in new verified contracts.

Usually, for networks that facilitate decentralized finance (DeFi) protocol, a rise in new verified contracts means more developers are choosing to build on the network. More protocols can inadvertently draw in more users, meaning more demand on the network.

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However, Shibarium is still struggling to find its footing with only 20,000 new transactions recorded on Tuesday. Its Total Value Locked (TVL) has also fallen from its all-time high of $1.47 million to $600,000 at the time of writing, suggesting dwindling interest in the network.

The meme coin is also trading below its 50-day and 100-day moving averages. While this can be bearish for the coin’s price, it could also serve as a lift-off point for the digital asset if the crypto market were to begin another bull rally.

Shiba Inu price chart from Tradingview.com (Shibarium metric)

SHIB price begins retracement | Source: SHIBUSDT on Tradingview.com
Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Times Tabloid, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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