Shiba Inu layer 2 Shibarium saw an uptick in daily transaction count heading into the weekend, sparking optimism following a period of stagnation on the network.
Shibarium daily transactions rose from 939 on July 16 to 2,960 on July 17, a 216% increase. This wouldn't be the first time this week Shibarium has seen such an uptick in transactions. Shibarium saw a 322% surge when transactions rose from 759 on July 14 to 3,210 on July 15 before retreating. A similar trend was seen when transactions rose 361% on July 10, according to Shibariumscan.
The recent rise suggests an increase in user activity and that Shibarium could be regaining momentum after periods of slower activity.
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Given the trend of brief transaction spikes on the network, it will be worth watching whether the recent rise marks a turning point for Shibarium L2 activity. A sustained increase in daily transactions over the coming days or weeks might provide significant evidence that Shibarium's network usage is improving.
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On the other hand, if activity returns to the previous baseline, the recent rise may suggest a temporary surge.
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This week, $1.9 trillion asset manager T. Rowe Price launched what it says is the industry's first actively managed multi-token spot crypto ETF, offering diversified exposure to digital assets.
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The T. Rowe Price Active Crypto ETF (TKNZ) began trading on Thursday, giving investors exposure to a portfolio of crypto assets rather than a single token. The cryptocurrency lineup includes Bitcoin, Ethereum, BNB, XRP, and Shiba Inu.
In a recent development, Japan passed major amendments to the Financial Instruments and Exchange Act (FIEA) on July 15, which labels cryptocurrencies as investment products. The aim is to provide a regulatory framework that will boost engagement from banks, securities firms, asset managers, and institutional investors while increasing investor protection.
Shiba Inu, which is already on the Japan JVCEA Green List — which makes it easier for regulated platforms in the country to list SHIB — might stand to benefit from the recent move.
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