Is SHIB Bullish? Bitrue Analysis on Shibarium's Transactions

The Shiba Inu community has something new to celebrate. Shibarium, the project’s Layer-2 network, has seen a 742% surge in daily transactions within 24 hours, reigniting speculation about a potential comeback for the popular meme coin. 

According to Shibariumscan, daily transactions rose from 2,050 on 22 October to over 17,000 a day later, marking the sharpest increase since September.

While SHIB’s price has struggled through much of October, this surge in activity may signal that momentum is returning to the ecosystem. The question now is whether Shiba Inu can sustain this growth long enough to translate it into a meaningful price recovery.

Shibarium’s 742% Transaction Surge

The sharp increase in transactions on Shibarium suggests renewed developer and user activity on the network. 

Shibarium, which was launched to make SHIB’s ecosystem faster and cheaper, acts as a Layer-2 solution similar to Polygon, enabling decentralised apps, NFT projects, and token swaps with minimal gas fees.

After a quiet month, the sudden spike in usage indicates a wave of new network participation. Current figures from Shibariumscan show over 1.56 billion total transactions, more than 13.7 million total blocks, and 272 million wallet addresses. 

These numbers highlight that despite recent price struggles, Shiba Inu’s network continues to maintain significant engagement.

However, the spike also comes with caution. Historically, Shibarium’s transaction activity has fluctuated sharply, often followed by brief cooldowns. Since its launch, daily volumes have oscillated between 2,000 and 20,000 transactions. 

The latest jump could represent either renewed momentum from developers testing new projects or retail traders returning after the October downturn.

Market analysts point out that even though transactions have risen sharply, Shiba Inu’s price remains roughly 15% down in October. 

The broader market correction earlier this month, which erased nearly $20 billion in open interest, weighed heavily on SHIB and other meme tokens. 

Yet, the network’s ability to show renewed activity amid wider caution may point to early signs of recovery in sentiment.

Read also: Can I Use Bitrue Alpha as a Beginner? A Full Guide

SHIB Price Analysis: Signs of Stabilisation Amid Volatility

Looking at the current SHIB/USD chart, the token is trading around $0.00001018, reflecting a modest daily gain of 4.7%. 

The price chart shows consolidation after a steep decline earlier this month, when SHIB dropped below $0.00000976, its recent support zone marked in red on the chart. This level has acted as a safety net, holding the price steady during moments of selling pressure.

Meanwhile, the resistance level, marked in green, sits near $0.00001284, with a potential breakout target around $0.00001309. Between these two boundaries lies a narrow trading range, suggesting that SHIB is currently in a stabilisation phase.

The Exponential Moving Average (EMA 9), seen on the chart in blue, shows SHIB hovering slightly below it, indicating a period of indecision among traders. 

For SHIB to build upward momentum, it would need to reclaim the EMA and close multiple daily candles above $0.00001200. That could open the door for a gradual climb toward the resistance level.

From a technical perspective, the worst of the selling appears to have passed. The large red candles earlier in October corresponded to the broader liquidation event across crypto markets. 

Since then, smaller green candles and steady volumes suggest that buying interest is slowly returning.

If Shibarium’s transaction activity continues to rise and network growth remains strong, SHIB could break above $0.00001284 in the short term. 

However, if buying pressure weakens, traders should watch the support near $0.00000976 carefully, as a drop below that could invite renewed volatility.

Fundamentally, Shiba Inu’s price remains driven by sentiment and ecosystem performance rather than macroeconomic events. 

The renewed engagement with Shibarium, alongside continuous burns and developer updates, could gradually restore optimism among long-term holders.

Read also: Is Bitrue Alpha Worth It? Give it A Try Now

How to Buy and Trade SHIB on Bitrue

For traders looking to capitalise on potential rebounds in Shiba Inu’s price, the safest and easiest way to trade SHIB is through Bitrue. The platform offers high liquidity, strong security, and competitive trading fees, making it ideal for both beginners and experienced investors.

Here’s how to buy SHIB on Bitrue:

1. Open the Bitrue App

Launch the Bitrue app or visit the official website. Make sure it is updated to the latest version.

2. Create or Log In to Your Account

Register or sign in using your email, and enable Two-Factor Authentication for security.

3. Go to Trade

Tap Trade from the homepage to access Bitrue’s trading interface.

4. Select Spot Market

Choose Spot Market to trade SHIB directly using your available balance, such as USDT.

5. Search for SHIB

In the search bar, type “SHIB” and select the SHIB/USDT trading pair.

6. Enter the Amount and Confirm

Specify how much SHIB you want to buy, check the current market price, and confirm your trade.

7. View in Wallet

Once the transaction is complete, your SHIB will appear instantly in your Bitrue wallet under Spot Assets.

Using Bitrue allows traders to benefit from SHIB’s price movements while ensuring they have access to reliable liquidity and fast order execution. 

With SHIB pairs available in both spot and futures markets, users can manage risk effectively and take advantage of changing market conditions.

For those preferring stable trading, holding USDT on Bitrue can also provide flexibility. You can quickly switch between USDT and SHIB to secure profits or re-enter during dips, an essential strategy in volatile markets like this.

Read also: How to Buy Coins on Bitrue Alpha: A Simple Guide 

Conclusion

Shiba Inu’s 742% surge in Shibarium transactions signals a promising resurgence in activity for one of the most recognised meme tokens in the market. 

While SHIB’s price remains under pressure after a volatile October, the technical indicators suggest stabilisation, and the increase in on-chain engagement points to growing network utility.

The coming days will determine whether SHIB can push above its resistance near $0.00001284, which would strengthen the argument for a recovery rally. However, maintaining support around $0.00000976 remains crucial to prevent further downside.

For traders seeking exposure to SHIB with ease and security, Bitrue provides the ideal platform. Open the app, go to Trade, select Spot Market, search SHIB, confirm your purchase, and monitor your holdings directly in your wallet. With Shibarium showing signs of life again, SHIB’s comeback might just be gaining traction.

FAQ

What caused the 742% surge in Shibarium transactions?

The spike was likely driven by renewed activity from developers and users, possibly linked to new applications or tests on the Shibarium network.

Is SHIB recovering after October’s decline?

SHIB is showing signs of stabilisation after dropping 15% earlier in the month, supported by increased network engagement.

What are SHIB’s current support and resistance levels?

Support sits near $0.00000976, while resistance is around $0.00001284. A breakout above resistance could signal further gains.

How does Shibarium affect SHIB’s value?

Higher network activity increases demand for SHIB, as it is used for gas fees and network interactions, potentially boosting long-term value.

How can I buy SHIB safely?

Use Bitrue. Open the app, go to Trade, select Spot Market, search for SHIB, enter the amount, and confirm. Your tokens will appear instantly in your wallet.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.