The Shiba Inu (SHIB) meme coin and its layer-2 solution, Shibarium, demonstrate a noticeable correlation based on their recent performance charts. Currently, SHIB’s price shows potential for recovery, though it remains significantly below its July peak of $0.000017.
Correlation Between Shibarium and Shiba Inu
According to data from Shibariumscan, Shibarium’s daily transactions have exceeded 4,000 as of now. However, the growth trend over the past month has been inconsistent.
Between July 12 and August 12, daily transactions on Shibarium surged to over 8,000 before falling to 1,000.
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SHIB exhibits similar volatility, as observed in its price movements. Although SHIB’s price surged in early July, it has since decreased. Recently, SHIB’s price fell slightly by 0.08% to trade at $0.00001364. On the other hand, trading volume increased by 2.2% to $231 million, signaling a potential shift in market activity.
Expectations for SHIB and Shibarium
The new burn mechanism on Shibarium is poised to impact the SHIB token supply. This mechanism involves converting 70% of transaction fees into SHIB and then removing these tokens from circulation. By doing so, Shibarium aims to create scarcity and, consequently, increase SHIB’s price. Meanwhile, the remaining portion of the base fees will support ecosystem development.
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Looking ahead, SHIB might experience a positive surge in August. A report from U.Today suggests that SHIB could see a median profitability of 3.36% and an average profitability of 2.67% for the month, based on historical trends.
Additionally, buyers might currently be entering the market to accumulate SHIB, as selling pressure appears to be easing. This potential shift is evident from the SHIB chart, which shows that the token bounced back and formed a higher low after finding support at the $0.000013 level.
Both Shibarium and SHIB are experiencing fluctuations, but upcoming changes and market behavior could lead to significant developments for both the token and its layer-2 solution.
