As a seasoned crypto investor with a deep understanding of the market, I’m excited about the recent developments surrounding Shibarium and the Shiba Inu ecosystem. The 209% surge in transaction count over just seven days is a clear indication that this Ethereum L2 protocol is gaining traction and attracting more users.
The Shiba Inu (SHIB) ecosystem’s layer-2 scaling platform, Shibarium, is thriving in response to the current market uptrend. Within the past week, the total number of transactions on Shibarium has significantly increased from 6,000 on May 14 to a staggering 18,560 as of May 20. This represents an impressive surge of over 209%.
Shibarium is a distinct blockchain protocol with an active community behind it. For several weeks, the number of transactions on Shibarium remained fairly stable. But things changed when the Shiba Inu team initiated a hard fork on the mainnet for Shibarium. This pivotal moment signified a significant turnaround for the Ethereum L2 protocol.
Due to the surge in transactions, Shibarium aims to surpass the existing record of 420 million transactions. Although the exact timeframe for reaching this milestone is still unclear, Shibarium possesses the necessary factors that could propel it towards greater prominence.
After the successful implementation of the Shibarium hard fork, the Shiba Inu team made another significant move by transitioning their groundbreaking decentralized exchange (DEX), ShibaSwap, into Shibarium. This transformation represents a major turning point for the ecosystem as Shibarium’s DEX now facilitates transactions with the potential to significantly impact the direction of the Shiba Inu meme coin project.
The advantage is becoming apparent, resulting in an increase of 6.88% in the past 24 hours for Shiba Inu’s price, which now stands at $0.00002568. This trend mirrors the overall market upturn. As part of the Ethereum network, SHIB may gain from the anticipated debut of a spot ETH Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).
At that point in time, the probability of this product being accepted was below 25%. Yet, Bloomberg ETF analysts significantly increased their estimate to an impressive 75%, igniting a frenzy of buying in the market. If given the green light, Ethereum’s price could exhibit even greater bullish momentum, potentially influencing Shiba Inu as well.
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2024-05-21 17:47