As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen my fair share of meme coins come and go. However, the resilience and growth of Shiba Inu (SHIB) have caught my attention. The recent surge in transactions on Shibarium, its layer-2 scaling solution, is a testament to its growing adoption and real-world utility.
The Shiba Inu (SHIB) system is experiencing a favorable shift as Shibarium, its layer-2 scaling solution, seems to be running at almost full capacity once more. This resurgence follows periods of network issues and an increase in the SHIB price, indicating that investors and the broader crypto market are regaining trust. Currently, SHIB is being transacted for approximately $0.00001724, marking a 5% rise over the past 24 hours.
Shibarium adoption soars gradually
At its zenith, Shibarium experienced a significant surge in transactions, reaching up to 4.75 million, marking another new seven-day record for the protocol. As per data from Shibarium scans, this transaction count climbed from a minimum of 4.21 million on November 1 to 4.74 million. In total, there have been approximately 466,168,458 transactions, with over 7.72 million blocks mined at an average interval of five seconds each.
Due to its high usage, Shibarium ranks among the top L2 blockchain networks. This popularity might attract even more users, leading to a broader range of applications for SHIB. It’s clear that the rise in SHIB’s price is closely linked with Shibarium regaining strength.
As a crypto investor, I closely watch the stability of Shibarium within our ecosystem as it serves as a key indicator of its health. What sets SHIB apart from other meme coins is its real-world utility, provided by the protocol. On October 19, Shibarium processed an impressive 324,590 transactions, but two days later, daily transactions dropped to 128,050. However, it gradually picked up again, reaching a new milestone of 1.77 million on October 22 – the first time in approximately a year. Since then, this transaction count has been surging, albeit with occasional significant drops, consistently hitting millions.
It finally hit a new 52-week high of 4.77 million on Oct. 25.
The development of Shiba Inu is no longer solely reliant on speculation; instead, it’s expanding with innovative initiatives such as ShibaSwap, a decentralized trading platform, and Bone ShibaSwap (BONE), which serves as the governance token for Shibarium. As Shibarium continues to be robust, the interest in SHIB, BONE, and other ecosystem tokens is escalating.
SHIB community anticipates good news
At the moment, the SHIB community is experiencing a very bullish phase, which started following a brief message from LUCIE, the marketing head of the network. Her post simply read “Step by Step. Patience.” Although she didn’t explicitly mention Shiba Inu, Shibarium, or the eagerly awaited SHI stablecoin, her words seem to inspire the SHIB community.
The post urges them to remain patient and believe that the best times for the Shiba Inu ecosystem are ahead.
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2024-11-05 16:11