The Ethereum Layer 2 network, Shibarium, has experienced significant growth, with daily transactions increasing by 50%.
The Ethereum Layer 2 network, Shibarium, has experienced significant growth since its launch in August 2023. The network is on the verge of reaching a major milestone, with daily transactions increasing by 50%.
According to Shibariumscan, the total number of transactions since inception is approaching 420 million, currently standing at over 417.50 million. This impressive achievement has been reached in just nine months.
The milestone comes amid a notable increase in daily transaction volume, highlighting the growing interest in the Shibarium network. After rising to 18,554 on Monday – the second-highest daily figure in May – the daily transactions retraced to 10,004 on Tuesday. However, Wednesday saw a 50% jump from Tuesday’s low, with transactions reaching 15,414.
Considering these figures and the network’s performance over the past month, the average daily transactions are now around 9,000. If this average persists, it would take approximately eight months for the network to reach the remaining 2.5 million transactions needed to hit the 420 million milestone.
The Shiba Inu’s Price Downturn
The Shibarium network’s recent underperformance appears to be impacting the price of Shiba Inu, despite a broader recovery in the crypto market. The price of Shiba Inu (SHIB) has dropped by 4.08%, accompanied by a significant decline in its daily trading volume.
Currently, the trading volume is over 40% down, sitting at $635 million. This sharp decline indicates waning interest in SHIB, especially as newer memecoins are experiencing substantial gains.
For instance, the price of PEPE has reached new all-time highs this week, boasting over 100% gains in the past month. Similarly, BONK is rallying towards new all-time highs, with a 74% increase over the last month.
However, with the bull market gaining momentum and increasing crypto participation, Shibarium may see higher adoption. If this trend continues, the Ethereum Layer 2 network could reach its milestone sooner than anticipated.
