Shibarium, the layer 2 network developed for the Shiba Inu ecosystem, has seen a significant increase in the number of daily transactions in the last 24 hours. The number of transactions, which was 842 on May 18, increased to 1,260 on May 19, thus marking a remarkable increase of 44 percent in one day.
Fluctuation in Trading Volume
Although this sudden activity on the network may signal the beginning of a new era on the Shibarium side, there is no permanent increase in overall network activity yet. Since mid-April, transactions on Shibarium have mostly remained between 700 and 3,000. After exceeding the 7,400 transaction level on April 19, the same level has not yet been reached.
A distinct lack of momentum in the network’s mobility continues to be noticeable. Network fees charged with BONE token are also at very low levels. Many recent transactions were made with a fee of only 0.00001 BONE.
Mini dictionary: BONE is used as the governance token of the Shiba Inu ecosystem and is especially preferred for transaction fee payments on Shibarium.
Impact of Technical Updates
As a result of the re-indexing operations carried out in the Shibarium network in recent months, unrealistic decreases in statistics have been observed from time to time. This situation raised questions about whether the low number of transactions on the network was due to the technical adaptation process in the network or a general stagnation. Data collected through Shibarium Explorer is still behind previous levels.
Market-Wide Expectations and Fed Uncertainty
Activity in the crypto futures markets has also decreased somewhat. In the last 24 hours, total volume decreased by 26.59 percent to 156 billion dollars. Open interest size remained stable near $127 billion. In addition, liquidations decreased for the second day in a row, reaching 156 million dollars, a decrease of 40 percent.
Signs of recovery, albeit limited, have been seen in a number of crypto assets, including SHIB. However, the decline in open positions in futures shows that investors are being cautious rather than taking risks and buying.
The decrease in the amount and volume of open positions in futures transactions indicates that the market has generally moved away from risk appetite.
SHIB Price and Current Outlook
For now, there is no sharp movement in the SHIB price. In the last 24 hours, the price rose 0.10 percent to $0.000005744. This increase partially compensated for the decrease from the day before. According to the current data reflected on CryptoAppsy screens, SHIB price continues to remain horizontal at these levels.
Details of the recent meeting of the US Federal Reserve (Fed) also play an important role in the general stagnation in the markets. The minutes of the Federal Open Market Committee (FOMC) meeting held on April 27-28 will be announced today. The Fed’s decision to keep the policy rate constant in the range of 3.5-3.75 percent created a divergence of opinion within the committee that has not been seen in a long time, and there was a significant split of 8 against 4 in the vote.
