Shiba Inu’s L2 Shibarium Breaks Crucial Milestone

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As an analyst with over two decades of experience in the dynamic world of crypto and blockchain, I find myself constantly intrigued by the rollercoaster ride that is Shibarium. With a background that spans across various industries, from traditional finance to tech startups, I have seen my fair share of ups and downs, but none quite like this Ethereum layer-2 solution.

In simple terms, the primary network of Shibarium, the scaling solution for the Shiba Inu universe built on Ethereum, has achieved a significant accomplishment. According to information from Shibariumscam, the total number of blocks in Shibarium has now exceeded seven million. This specific block count is 7,101,728, a milestone that was reached following the notable increases seen throughout the month.

Shibarium stats at glance

As a researcher studying the Ethereum layer-2 protocol, I’ve observed that numerous metrics are indicative of its growth and development. Among these, one significant aspect that has caught my attention is the increase in average block time. Over the past year, this average block time has risen from 4.0 to its current 5.0 seconds, which suggests a slowdown in throughput.

Despite a consistent increase in transaction count, now standing at approximately 418 million, and total wallet addresses surpassing 1.823 million, Shibarium has experienced both improvements and adoption over the past few months. Nevertheless, while it undergoes significant updates, these fundamental changes generally do not significantly impact Shibarium’s or SHIB‘s price indicators.

Earlier this month, Shiba Inu unveiled plans to launch the SHI stablecoin. This update triggered a rally in the price and daily transaction count of SHIB, but the growth was short-lived. 

According to the on-chain data, daily transactions in Shibarium have decreased from 11,230 on September 27 to 3,190 today. This inconsistency in Shibarium’s transaction numbers signals a potentially bearish trend that investors should keep an eye on.

Shiba Inu in mix

From my perspective as an analyst, the current state of Shibarium significantly influences the performance of its underlying token, Shiba Inu. At this moment, Shiba Inu has witnessed a decline in its recent gains over the past week. The coin is currently trading at $0.00001822, representing a 7.81% decrease within the last 24 hours. However, it’s important to note that over the past week, the token has experienced an impressive surge of more than 36%. This growth indicates that buyers have been dominating the market.

Predicting Shiba Inu’s long-term performance based on its core growth metrics can be challenging. Yet, with Shytoshi Kusama and the SHIB team consistently revealing new collaborations, initiatives, and offerings, there are continually compelling reasons for investors to place their trust in the token.

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2024-09-30 15:27