Shibarium experienced a 100% jump in transactions, with activity surging over four days from June 10 to June 13. According to Shibariumscan, daily transactions rose from 1,300 on June 10 to 2,600 on June 13, marking a 100% increase.
The latest rise doesn’t come as too much of a surprise, as this follows a trend that has been seen since late May, where transactions rise, albeit the increases weren’t sustained.
In late May, Shibarium saw its transactions rise as much as 7,220 but saw a sharp drop thereafter. The trend repeated itself on four more occasions between late May and early June.
On June 8, Shibarium transactions rose to 3,990 before sharply declining to 1,300. The exact reason for this trend of rise and drop in Shibarium remains unknown but mirrors the current uncertainty in the market where rallies are being sold into and being followed by a sharp drop.
It will be watched whether the current 100% rise in transactions will be sustained or follow the trend of rise and drop seen in recent weeks.
Uncertainty lingers in the market
The crypto market entered June under intense pressure, with most digital assets falling to multi-month or even multi-year lows, and social media has become dominated by bearish narratives.
The crypto Fear and Greed Index remains firmly in the fear zone, currently at 21, according to CoinMarketCap data. This comes as traders react to months of underperformance by most major crypto assets.
Several on-chain, social, and derivatives indicators are now nearing levels that deserve close attention. While none guarantee an imminent reversal, they together suggest that the market might be closing in on another important inflection point.
However, a real turn needs demand with major buyers returning alongside evidence to signal that sellers who had to leave have cleared out. At the time of writing, Shiba Inu was down 1.96% in the last 24 hours to $0.00000489. SHIB is currently up around 4.43% on the week.