TL;DR

• Shibarium-related metrics have headed north lately, while SHIB’s burn rate exploded by triple digits on a 24-hour scale.
• However, the recent shift from self-custody methods toward exchanges could be interpreted as a bearish factor for the meme coin’s price.

Good News for SHIB Bulls?

The second-largest meme coin has performed quite well in the past month, registering a 30% price increase. Despite being slightly in the red today (October 21), some important factors suggest that the rally could continue in the short term.

One of those bullish signals is the resurgence of Shiba Inu’s layer-2 scaling solution – Shibarium. Daily transactions on the network have exploded to 324,000 and 242,000 in the past two days. Such high figures were last observed in April this year. The number of active accounts, new accounts, and other Shibarium-related metrics have also skyrocketed lately.

The protocol’s revival hints at increased user engagement and growing adoption and utility within the network. Investors may see this as a sign of confidence, triggering a fresh flow of capital toward the ecosystem.

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