Despite Price Drop, Shibarium Network Processes Over 1 Billion Transactions

SHIB continues to face downward pressure, with its price dropping nearly 0.20% over the past 24 hours.

Shiba Inu (SHIB) faced downward pressure, with its price decreasing by nearly 0.20% over the last 24 hours. While the token's value saw a decline, its core network experienced growth with a major event on the Shibarium Layer 2 network.

Shibarium Passes 1 Billion Transactions

As the price of Shiba Inu went down, activity on the Shibarium network increased. Since its launch in August 2023, the Ethereum-based Layer 2 solution has processed over 1 billion transactions. This development marks a significant achievement for the network, which was created to lower transaction costs and enhance efficiency on the Ethereum chain.

The rapid transaction growth positions Shibarium as one of the more active networks among recent blockchain innovations. The move also showcases continued user engagement within the Shiba Inu ecosystem, even as the token experiences negative price performance.

SHIB Trading Volume Spikes

In the realm of trading, Shiba Inu experienced a 39.78% surge in volume, now amounting to $261 million daily. Nevertheless, the token depreciated slightly by 0.20% over the same period. These results indicate relatively higher trading activity that might have been triggered by speculative or short-term trading.

SHIB's market capitalization is $7.47 billion, which equals its fully diluted valuation. The circulating supply is currently at 589.25 trillion SHIB, with a maximum supply cap of 589.55 trillion tokens.

The token fell slightly below $0.0000124 before recovering later in the day and stabilizing near $0.00001267. In evening trading, a short-lived spike above $0.0000128 was observed. The asset's volume-to-market cap ratio is now 3.48%, showing active trading despite limited price gains.

Shi SHIB Funding Rates

The SHIB funding rates have been oscillating from the beginning of the year up to the early part of April. Funding rates, which denote the cost of holding long and short positions, varied over time. For instance, for a certain period, they were positive, and for another, they, they became negative.

Funding rates held mostly above the zero line from January to mid-February, indicating better bullish sentiment. However, the negative trends persisted more strongly by the end of February, and there was a daily decline by early March.

Despite these shifts, SHIB's spot price showed minimal movement, indicating that perpetual futures traders were more sensitive to price changes than spot market participants.

Shi Technical Signals Point to Potential Consolidation

Technical signals from SHIB's 4-hour chart suggest a potential consolidation phase. The Relative Strength Index (RSI) is at 50.45 in the neutral territory to present a neutral market sentiment. After reaching the level nearly 30, the RSI has started a recovery process with an upward movement though the recovery is quite moderate.

However, the MACD line has formed a bullish crossover with the signal line as the MACD line crossed above the signal line. The histogram shows signs of an improving trend for the year, but it remains negative.

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