Shibarium, a layer-2 scaling solution for Shiba Inu, has crossed an important milestone as activities on the network skyrocket. Since the relaunch of Shibarium in August 2023, the blockchain solution has continued to grow, creating excitement across the Shiba Inu community.
In a recent development, data from Shibariumscan – a dedicated Shibarium tracker, has revealed a significant increase in activity on the network. According to the data, Shibarium has demonstrated substantial growth and expansion of its network. But what does this mean for the price of Shiba Inu (SHIB)?
Shibarium daily transaction surges
Per Shibariumscan data, Shibarium has reached a new record of total transactions. The report shows that the total transactions on the Shibarium network now stand at 361,798,835 (361.7 million). This comes after a few months of slow progress.
36crypto previously reported on February 5 that the total transactions reached 330 million, two weeks later, over 60 million transactions have been processed on the network.
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In addition, the number of daily transactions on Shibarium has also increased. The data shows that the daily transactions have reached 3 million compared to 2.4 million transactions recorded on Feb 5.
This significant metric has reached its highest figure since Jan. 28, when 2.93 million transfers were made daily. Moreover, the number of wallets linked to the layer-2 solution has grown to 1,358,320 (1.3 million).
Source: Shibariumscan
What this means for SHIB
Meanwhile, the price of the SHIB token has been trading sideways. Shiba Inu has failed to wipe the sixth zero from its value. However, the steady progress of Shibarium and the growing adoption of the network can potentially affect the price of SHIB in the future.
According to fresh data from Coinstats, Shiba Inu (SHIB) is currently trading at $0.00000988. This represents a 0.8% increase in the last 24 hours. Furthermore, SHIB’s 24-hour trading volume has also surged by 50% according to CoinMarketCap resting at $215.2 million. Finally, SHIB occupies the #19 position on the crypto chart with a market cap of $5.8 billion.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.