Shibarium saw an increase in transactions this week, significant enough to leave an imprint on the charts.
Shiba Inu layer 2 blockchain Shibarium saw a sudden burst of activity, which was quickly followed by a drop, and then a sharp rise followed by another drop, forming an ‘M’ pattern on the daily transaction chart, according to Shibariumscan data.
Shibarium daily transactions rose from 732 on May 23 to 7,220 on May 26, a significant increase. But this could not translate into a sustained rise, as it was followed by a drop.
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Daily transactions fell subsequently to 1,510 on May 27 but later rose on May 28 to 5,880 before dropping again. Despite the erratic nature of the transaction increase, one positive aspect that cannot be dismissed is that activity on Shibarium is picking up after a period of quiet. Daily transaction count on Shibarium remained largely below 1,000 from late April, with the recent increase being significant.
The exact reason for the erratic transaction trend remains unknown. Users are now watching if the uptick in Shibarium activity can lead to a more sustained trend.
SHIB price action
Shiba Inu is trading up on a daily basis as the broader crypto market saw a rebound following an earlier drop in the week.
SHIB price fell for five straight days as traders analyzed several data releases in the week that suggested inflation remains a key concern for the U.S. economy. Most notably, the personal consumption expenditures price index, the Fed’s preferred inflation gauge, was up 3.8% year-over-year in April.
With inflation well above the central bank’s 2% target, markets are anticipating the Fed to hold steady this year, then possibly start increasing rates in early 2027. Current chances indicate virtually zero odds of cuts anytime through at least 2027.
SHIB price rebounded heading into the weekend, sharply increasing from a low of $0.00000517 on May 29. At the time of writing, SHIB was up 3.07% in the last 24 hours to $0.00000548, reaching an intraday high of $0.00000555.
Source: https://u.today/shiba-inu-shibarium-locks-m-movement-amid-fresh-transaction-wave
