Shibarium Crosses 500 Mln Transaction Milestone, SHIB Price Reacts

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As a seasoned researcher with a keen interest in blockchain technology and cryptocurrencies, I find myself constantly intrigued by the dynamic world of Shiba Inu (SHIB) and its ecosystem. The recent milestone achieved by Shibarium, their Layer-2 scaling solution, has undeniably caught my attention. Reaching 500 million transactions is no small feat for a protocol that only launched in August 2023.

The Ethereum-supported Layer-2 scalability solution within the Shiba Inu (SHIB) universe, known as Shibarium, has achieved a significant mainnet achievement. According to statistics from Shibarium’s blockchain explorer, the number of transactions completed on this platform has surpassed 500 million. At the moment, the total transaction count stands at approximately 500,623,178.

Shibarium and the Obvious Growth Catalyst

The layer-2 scaling solution associated with Shiba Inu was released in August 2023. Despite a bumpy initial launch, this recent milestone has ignited numerous discussions on X. Shibarium saw a significant surge in popularity just last month when an update related to Shiboshi NFTs boosted its ecosystem adoption.

Via the NFT bridge on our main network, daily transactions have skyrocketed to over 4 million, up from just a few thousand. At this moment, we’re processing approximately 4.69 million transactions each day. Remarkably, even during hours, the protocol manages at least 2,227 transactions. This significant increase has sparked a response from Kaal Dhairya, one of our key developers within the ecosystem.

Fantastic update! Shibarium has processed 500 million transactions – a testament to its indomitable nature! Cheers to many more exciting achievements on the horizon. #ShibArmy #Shibarium

— Kaal (@kaaldhairya) November 12, 2024

According to Shibariumscan’s latest data, the current total number of blocks stands at approximately 7,849,660, while the number of wallet addresses associated with it is around 1,889,496. With its steady expansion, the protocol aspires to rival platforms like Base and Optimism in the near future.

Shiba Inu Reacts, Will This Boost Market Value?

The memecoin adjusted to the ecosystem’s update by highlighting its overall growth trend. At the time of writing, Shiba Inu coin was being traded at around $0.0000264, representing a 3.39% decrease over the last 24 hours. During this period, the token’s price fluctuated between a low of $0.00002457 and a high of $0.0000303.

Over the past week, the Shiba Inu (SHIB) token has experienced an impressive surge, growing by over 48%. This surge coincides with the rise in Bitcoin‘s price and suggests that SHIB may have a rapid rebound compared to initial predictions, due to its close connection with the broader market trend.

Currently, the lead developer, Shytoshi Kusama, is focusing on his SH.I.B proposal with the aim of establishing a Silicon Valley-like hub for cryptocurrency. Lately, he has presented this concept to Elon Musk in an effort to gain the Trump administration’s attention and explore its potential.

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2024-11-12 23:22