Shiba Inu’s Shibarium Teases a Milestone of 420 Million Transactions as Daily Transactions Soar by 50%

Shibarium, the Ethereum Layer 2 network developed by the Shiba Inu team, has seen remarkable growth since its launch in 2023. With continued usage, the network is on track to reach another major milestone amid a remarkable 50% of its daily transactions.

Shibarium almost at 420 million transactions

According to facts According to Shibariumscan, the total number of transactions executed since inception is approaching 420 million. At the time of writing, the figure is just above 417.53 million, meaning the network achieved this feat in nine months, following its launch in August 2023.

This comes amid a jump in daily transaction volume, indicating interest in the Shibarium Network. The number of daily transactions had returned to 10,904 on Tuesday, after initially rising to 18,554 on Monday, the second highest daily figure in the month of May so far. However, on Wednesday the network’s trade saw a 50% jump from Tuesday’s low, rising to 15,414.

With these numbers and the the performance of the network over the past month, average daily transactions are now somewhere around 9,000. If this average continues into the future, it could take the network around eight months to reach the remaining 2.5 million transactions to reach the 420 million milestone.

However, as the bull market continues and cryptocurrency participation increases, it is possible that Shibarium will begin to see greater adoption. In that case, the Ethereum Layer 2 network could reach this milestone very soon.

Where is the Shiba Inu Prize going?

The negative performance of the Shibarium Network It seems that the Shiba Inu price has become the meme coin, despite the recovery of the crypto market. The meme coin’s price has fallen 2.55% over the past day, amid a massive drop in daily trading volume.

Trading volume is down a whopping 49% over the past day and stands at $631 million at the time of this writing. This volume drop indicates declining interest in the Shiba Inu Awardespecially as other newer meme coins are making more gains.

For example, the PEPE price has soared to new all-time highs this week, up more than 100% in the past month. So is the BONK price It appears the index is heading towards new all-time highs, with a 74% gain in the past month alone.

This suggests a shift from more established meme coins to the new, shinier versions the price of Shiba Inu could continue to suffer. It is currently trading at $0.00002532, but despite recent day’s declines, it remains the 12th largest cryptocurrency in the space with a market cap of $14.9 billion.

Shiba Inu price chart from Tradingview.com (Shibarium)
SHIB Price Retreats From Bears | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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