Shibarium, the Shiba Inu Layer 2 network, has been making impressive strides in recent weeks, exceeding expectations and reaching significant milestones. Initially, there were doubts surrounding the sustained growth of the Ethereum-based layer 2 network launched by the Shiba Inu team. Following its launch, the network experienced a decline in usage that persisted for several months until December when the market began to rebound. As the SHIB price embarked on a recovery trend, activity on the Shibarium network exploded.
A Momentous Milestone Achieved
Presently, the network is celebrating a monumental achievement as it surpasses the milestone of processing over 150 million transactions on its blockchain. To put this growth rate into perspective, the total transactions processed on Shibarium on November 30 were approximately 4.8 million. However, just two weeks later, on December 20, the cumulative total transactions exceeded 150 million. This impressive surge represents a staggering growth of over 3,000% in less than 30 days.
In addition to the surge in total transactions, the daily transactions on the network have witnessed a significant increase. Previously averaging around 40,000 transactions per day, the network has now reached an average of 7 million daily transactions over the past three weeks. Moreover, active addresses on the network have also experienced a steep rise, increasing from an average of 500 daily to approximately 3,000 per day in December.
Despite the surge in activity, Shibarium has demonstrated remarkable resilience in handling high loads. Transaction fees have remained relatively low during this period, showcasing the network’s capacity to handle periods of increased demand without escalating costs. This impressive feat further strengthens the network’s credibility and reliability.
The exponential growth of the Shibarium network has significant implications, particularly for the Shiba Inu token. The increased activity on the network has attracted the attention of more investors, who eagerly seek updates from the Shiba Inu team. Crypto analyst Ali Martinez has previously identified that SHIB had been trading in a descending parallel channel, providing hope for an upside movement towards $0.000011. Recent developments suggest that SHIB is gradually inching towards this target, with a 1.6% increase in the past day.
If the current recovery trend continues, the SHIB price may break above $0.000011 this week, triggering a bull rally. Furthermore, the ongoing SHIB burn initiated by the Shiba Inu team serves as another catalyst for a potential price rally. As of now, approximately $170,000 worth of SHIB has been burned, and it is expected that the total burn will eventually reach $1.2 million.
While the growth of Shibarium and the prospects for the Shiba Inu token appear promising, it is essential to approach investments with caution. The article aims to provide educational insights and should not be considered as financial advice. Investing always carries risks, and it is advisable to conduct thorough research before making any investment decisions. Ultimately, the responsibility lies with the individual investor to weigh the potential gains against the inherent risks.
The remarkable growth of Shibarium and the increasing level of activity on its network are indicative of a trend that deserves attention. The surge in transactions, resilient network performance, and potential catalysts for the Shiba Inu token all contribute to an optimistic outlook. As the market evolves, it will be intriguing to witness the future developments and potential impact of Shibarium on the cryptocurrency landscape.