Shibarium and Shiba Inu’s Correlative Growth: Data Insight

  • February 18, 2024

Shibarium and Shiba Inu's Correlative Growth: Data Insight
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Shiba Inu (SHIB) and its Layer-2 scaling solution Shibarium are highly correlated but in a very subtle way. The current growth trend between the token and the smart contracts platform shows that the sustained boom in all key metrics in Shibarium generally translates to an uptick in the price of SHIB.

Despite this realization, there is hardly sustained growth in all of the metrics associated with Shibarium. At the moment, the smart contracts platform displays steady growth in its accounts growth metrics, which as of today is pegged at 64,104, up from 63,639 on Jan. 17.

While this growth is visible, it contrasts sharply with the active accounts on the platform, a metric that has been on an unpredictable decline over the past month. Current data pegs the active accounts on Shibarium as of Feb. 16 at 724, down from 1,009 a month before.

The same dwindling effect has been recorded in the price of SHIB, which is currently in consolidation mode after hitting a parabolic run, marked by 3.39% growth over the trailing seven-day period. At the time of writing, the price of SHIB comes in at $0.000009701 after giving up the zero it erased earlier in the week.

Plotting future of Shiba Inu

The emergence of Shibarium sent a rather consoling message to Shiba Inu users and proponents in general that shows the meme coin is now making its important pivot from just a fun token to one that has enormous utility.

The expectation in the long run is that Shiba Inu will benefit from the influx of new users into Shibarium, who are expected to place higher demand on SHIB to engage with the various decentralized applications that will be launched on the protocol in the long term.

Overall, members of the Shib Army are expecting a surge to 1 cent per token in the future, and Shibarium and the burning campaign are expected to play a major role in actualizing this goal.

Source: https://u.today/shibarium-and-shiba-inus-correlative-growth-data-insight

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