Over the past few weeks, Shibarium, the Shiba Inu Layer 2 network, has been making remarkable progress, surpassing all expectations. What was initially believed to be a temporary growth spurt has proven to be longer-lasting and more significant than anticipated. The network has recently achieved a monumental milestone by processing over 150 million transactions on its blockchain. This impressive growth rate demonstrates the increasing popularity and usage of Shibarium.
Upon its launch, Shibarium experienced a decline in usage, which persisted for several months until the market picked up again in December. As the price of SHIB, the native token of the Shiba Inu ecosystem, started to recover, the activity on the Shibarium network exploded. On November 30, the total transactions processed on Shibarium were approximately 4.8 million. However, just two weeks later, on December 20, the cumulative total transactions surpassed the milestone of 150 million. This substantial increase represents a staggering growth of over 3,000% in less than a month.
Not only has the total number of transactions skyrocketed, but the daily transactions on the Shibarium network have also witnessed a significant surge. Previously averaging around 40,000 transactions per day, the network now handles an average of 7 million daily transactions. This exponential growth indicates the network’s scalability and ability to handle high loads efficiently. Despite the surge in activity, transaction fees have remained low, further demonstrating the network’s robustness and reliability.
Increasing Investor Interest
The impressive growth of the Shibarium network has garnered the attention of investors, leading to increased interest in the Shiba Inu token. As more investors flock to the network seeking updates and opportunities, the Shiba Inu price could potentially experience another rally. Crypto analyst Ali Martinez has identified that SHIB has been trading within a descending parallel channel. There is hope for an upside as SHIB aims to push towards $0.000011. In recent days, the meme coin has witnessed a 1.6% increase, gradually moving towards this target. If the current recovery trend continues, breaking above $0.000011 this week could trigger a bull rally for the SHIB price.
Apart from the increased network activity, several other factors contribute to the potential price rally for the Shiba Inu token. One such factor is the ongoing SHIB burns conducted by the Shiba Inu team. Currently, approximately $170,000 worth of SHIB has been burned, with expectations of total burns reaching $1.2 million. This burning process reduces the circulating supply of SHIB, potentially driving up its value.
The Shibarium network’s remarkable growth and achievement of processing over 150 million transactions have solidified its position as a prominent Layer 2 solution on the Ethereum blockchain. As the network continues to handle increasing transaction volumes with ease and maintain low fees, investor interest in the Shiba Inu token shows no signs of slowing down. With the potential for a price rally fueled by network growth and the ongoing SHIB burns, the future looks promising for the Shiba Inu ecosystem. However, investors are reminded to conduct thorough research and understand the associated risks before making any investment decisions.