Shibarium has experienced significant adoption and growth since its launch. The layer-2 solution has shown strong momentum in various metrics over the months. Shibarium is quickly approaching the milestone of 4 million total transactions. Additionally, there has been an increase in whale activity, with large transactions spiking in the past week.
Shibarium Nears 4 Million Transactions
The momentum behind Shiba Inu’s scaling solution is growing at a rapid pace. Shibarium has become the preferred method for both SHIB whales and retail investors to buy and sell SHIB tokens.
According to NOWNodes, Shibarium was one of the best-performing networks this month, with 66 million processed requests to Shibarium. In less than three months since its launch, the network is now approaching four million total transactions and shows no signs of slowing down.
@ShibariumNet was one of the best-performing networks in our ecosystem this month 🥇
Our team prepared a Milestone report dedicated to the success, most recent updates, and highlights of the network
Get into our new 🧵 https://t.co/t4e5ljoXNi pic.twitter.com/WHyZZCQAE0
— NOWNodes ⛓️ (@NOWNodes) November 3, 2023
According to data from Shibariumscan, the total transaction count currently stands at 3.81 million, with a total of 1.51 million blocks mined. There have been 13,700 daily transactions in the past 24 hours, and the number of wallet addresses has recently surpassed 1.26 million.
Furthermore, Shiba Inu whales have increased their activity. Data from IntoTheBlock reveals a 45% jump in large transaction volume within the Shiba Inu ecosystem, totaling $46.12 million as October concluded.
SHIB market cap currently at $4.839 billion. Chart: TradingView.com
Road To $0.1 For Shiba Inu?
Historically, news surrounding Shibarium has consistently had a positive impact on the price of SHIB. Each milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. Currently, SHIB is trading at $0.000008154, with only 22.14% of holders currently in profit.
Crossing the four million milestone in Shibarium could potentially create further hype in the Shiba Inu ecosystem, even if only temporarily. This could push Shiba Inu beyond the current resistance of $0.0000082 and towards its August high of $0.00001072.
As more SHIB holders discover the benefits of Shibarium, such as lower fees and faster transaction speeds, the adoption rate will continue to accelerate. Additionally, various developments have indicated sustained price growth for SHIB.
Shytoshi Kusama, the lead developer of SHIB, recently introduced a naming service on Shibarium that converts complex Shibarium addresses into simple human-readable names. While a $0.1 price point seems unrealistic at the moment, updates like this suggest a starting point for sustained price growth.
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