Shiba Inu’s Shibarium Teases 420 Million Transaction Milestone As Daily Transactions Jump 50%

by

As a crypto investor with some experience under my belt, I’ve seen my fair share of ups and downs in the world of digital assets. The recent growth of Shibarium, the Ethereum Layer 2 network developed by the Shiba Inu team, has caught my attention. With daily transactions nearing 420 million since its launch in August 2023, it’s clear that the network is gaining traction.

The Shibarium network, a Layer 2 solution created by the Shiba Inu team and part of the Ethereum ecosystem, has experienced impressive expansion since its introduction in 2023. With increasing usage, this promising platform is approaching a significant achievement, as it records a noteworthy 50% increase in daily transactions.

Shibarium Almost At 420 Million Transactions

Based on information from Shibariumscan, approximately 420 million transactions have taken place on the network since its launch in August 2023. Currently, the number is at around 417.53 million, implying that this milestone was reached within nine months of operation.

I’ve observed an increase in daily transactions on the Shibarium network recently, reaching a daily volume of 18,554 on Monday, which is the second-highest figure this month. However, this number dipped down to 10,904 on Tuesday. Surprisingly, there was a significant rebound on Wednesday, with a 50% increase from Tuesday’s figures, resulting in a daily transaction volume of 15,414.

Based on the current statistics and the network’s transaction volume over the past month, its daily average transactions hover around the 9,000 mark. Maintaining this average would mean reaching the remaining 2.5 million transactions required to reach the 420 million milestone within approximately 8 months.

As a market analyst, I can say that given the current bull market and increasing crypto participation, there’s a good chance that Shibarium, Ethereum’s Layer 2 network, may experience greater adoption in the near future. If this trend continues, it won’t be long before Shibarium achieves this significant milestone.

Where Is The Shiba Inu Price Headed?

I’ve noticed that the poor performance of the Shibarium network has taken a toll on the price of Shiba Inu, my favorite meme coin. Despite the broader crypto market showing signs of recovery, Shiba Inu’s price has dropped by 2.55% over the last day. Additionally, its daily trading volume has significantly decreased, which is not a good sign for potential buyers or sellers in the market.

The trading volume for Shiba Inu has dropped dramatically by 49% over the past day, reaching a current figure of $631 million. This significant decrease in trading activity may indicate waning enthusiasm for the coin’s price, particularly as other emerging meme coins experience more substantial growth.

The PEPE price has hit fresh record highs this week, marking a significant increase of more than 100% over the past month. Similarly, BONK is showing signs of surging toward new peak prices, reporting a robust growth of approximately 74% in just one month’s time.

The trend seems to be shifting towards newer meme coins, potentially leading to further price drops for Shiba Inu. Currently valued at $0.00002532, it remains the 12th largest cryptocurrency with a market capitalization of $14.9 billion.

Shiba Inu’s Shibarium Teases 420 Million Transaction Milestone As Daily Transactions Jump 50%

Read More

2024-05-23 20:41