Shibarium, the layer-2 blockchain of Shiba Inu, has made headlines recently by breaching the 100 million transaction milestone. This significant achievement has not only brought more exposure to the SHIB token, but it has also fueled a considerable jump in its price. In this article, we will delve into the latest developments surrounding Shibarium and explore the factors contributing to SHIB’s upward trajectory.
Since its official launch in August this year, Shibarium has experienced exponential growth. Daily transactions on the L2 chain reached 7.36 million on December 14, with a total of 105.2 million transactions processed thus far. This impressive growth can be attributed to the active efforts of the development team behind the scenes. Their continuous work on enhancing the platform’s functionalities and expanding its user base has propelled Shibarium to new heights.
In a strategic move, Shibarium is set to transition from the Goerli Network to the Sepolia Network as its layer 1 chain. This transition aims to provide developers with a more reliable and consistent platform for testing their decentralized applications (dApps) and smart contracts. The shift is expected to go live on December 15, 2023, effectively retiring the current Puppynet. This transition reflects the team’s dedication to improving the ecosystem’s infrastructure and ensuring its long-term viability.
The recent blog post by Shibarium highlights the ongoing manual burns of SHIB tokens, which play a crucial role in decreasing the token supply available on the market. This reduction in supply exerts upward pressure on SHIB’s price, making it an attractive asset for investors. Three massive manual burns are expected to occur this month, further tightening the supply and potentially driving the token’s value even higher.
Another factor influencing SHIB’s price is the broader market rally witnessed in recent days. Coingecko data shows that the market as a whole has seen nearly a 6% increase in the daily timeframe. If this upward trend continues, SHIB is poised to provide significant gains to its bullish investors. However, it is essential to note that SHIB’s price action is heavily reliant on major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). This over-reliance on the performance of these coins may pose a long-term risk for SHIB if market conditions change.
As the bulls break through the $0.00000997 price level, SHIB is on its way to knocking off another zero from its price. If stability can be maintained at this level, further gains can be expected in the near future. However, it is important for investors to remain cautious and conduct thorough research before making any investment decisions. It is also crucial to recognize that investing in cryptocurrencies carries inherent risks, and market conditions can be highly volatile.
The remarkable rise of Shibarium and the achievement of surpassing 100 million transactions reflect Shiba Inu’s growing influence in the blockchain ecosystem. By transitioning to the Sepolia Network and consistently improving the platform’s functionalities, the team behind Shibarium aims to provide developers with a robust infrastructure for building and testing decentralized applications. As SHIB tokens continue to be burned and the supply decreases, the price of SHIB may experience upward pressure. However, it is important to monitor the market conditions and potential risks associated with the over-reliance on major cryptocurrencies. With the right research and risk management, investors can make informed decisions in this dynamic and ever-evolving space.