Despite an 88.24% plunge in Shibarium's daily transaction count, Shiba Inu's (SHIB) price has surged, defying market expectations and showcasing unexpected resilience in the meme-themed cryptocurrency.

SHIB Price Surges Despite 88.24% Plunge

According to Shibariumscan Explorer, the Layer-2 solution Shibarium has been very inactive for the last several days.

As the market continues to experience bullish momentum, the price of SHIB, the cryptocurrency with the second most popular meme-themed motif, is breaking out of its current range.

The daily transaction count dropped from 28,680 on August 20 to 3,370 on August 23, according to the data source stated before, which is an 88.24% fall. This measure reached its highest point just once in the past month.

Shibarium Records 418 Million Transactions This Week

There were more than 418 million transactions this week, bringing the total to 418,110,651. Shibarium is integrated with 1,812,852 blockchain wallets. On Shibarium, 6,465,916 blocks have been produced.

U.Today shares that over the course of the past twenty-four hours, the price of SHIB has shown remarkable rise, despite the fact that the daily transaction activity has reverted to its normal pace after experiencing rapid growth.

After briefly touching the $0.00001425 price barrier, SHIB experienced an 8.5% increase and eventually reached the $0.00001546 price level. The second-largest meme cryptocurrency has gained 18.50% since Monday.

Bitcoin's Price Rise Boosts SHIB Momentum

Shiba Inu, like a lot other altcoins, has been following Bitcoin's price trend. The flagship cryptocurrency has reclaimed the $64,000 price tag and experienced a 6% surge in the past day, surging from the $60,700 zone.

Following the announcement made by Jerome Powell, the Director of the Federal Reserve, that the Federal Reserve is now likely to begin reducing interest rates, the price of Bitcoin surged.

After fluctuating between $60,000 and $61,000, Bitcoin was able to resume its upward trajectory due to this aspect.