Shibarium, Shiba Inu's layer-2 blockchain solution, has witnessed a remarkable surge in daily transactions, jumping by 193% in just 24 hours. This significant increase brings the total number of daily transactions to almost 18,000, although still short of its mid-April peak. The growth of Shibarium is considered a bullish factor for Shiba Inu's price, which has recently entered green territory with a 9% daily and 18% monthly increase.

Launched in summer 2023, Shibarium aims to enhance scalability, reduce transaction fees, and improve speed, fostering the development of the meme coin. The platform has achieved numerous milestones in recent months, and its continued growth is expected to positively impact Shiba Inu's price. Additionally, a 4,000% increase in SHIB's burn rate, which aims to reduce the token's circulating supply and increase its value, contributes to the bullish sentiment.

Analysts are optimistic about Shiba Inu's potential price movements, with predictions ranging from a 20% increase if the token breaks the upper boundary of its descending parallel channel to a 50% surge if it breaks out of the recently formed falling wedge pattern on the 1D time frame. With Shibarium's transaction activity on the rise and SHIB's burn rate skyrocketing, the stage is set for a potential price rally.