Shiba Inu Layer 2 Shibarium suddenly saw a surge in daily transactions, rising as much as 742% in the last 24 hours.

According to Shibariumscan, Shibarium recorded 17,270 in daily transactions in the last 24 hours, a sharp surge from the figure of 2,050 recorded Oct. 22, marking a 742% surge.

Shibarium transactions have largely fluctuated since Sept. 25 in a broad range from 1,970 to 19,620.

Shibarium no doubt saw large spikes but couldn't exceed 19,620, they were usually followed by a sharp drop, creating a haphazard pattern in the transaction record.

Though it might seem transactions on Shibarium picked up at some point in the month, they still remain far from the millions previously recorded on the Layer-2 blockchain.

Recent data from Shibariumscan gives the current count of total transactions as 1,568,611,766; total addresses as 272,707,592 and total blocks as 13,753,754.

Shiba Inu down 15% in October, but hopes remain

Shiba Inu is currently down 15% in October, a month marked by forced selling and false starts, with a historic sell-off dampening an otherwise bullish month for cryptocurrencies.

The market is adjusting to a slow grind higher after October’s record liquidation event, which erased nearly $20 billion in open interest and left leveraged traders in losses.

Underneath the surface, sentiment remains mixed. The fear index has hovered at fear for days, indicating that market sentiment remains cautious, with traders awaiting macroeconomic catalysts.

Fundstrat's Tom Lee referred to the Oct. 10 flash crash as the biggest liquidation event in five years in crypto; despite this, Lee predicts that crypto might rally into year-end after a sharp deleveraging, laying out his case during an interview Friday on CNBC’s Closing Bell.

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