The Shibarium network, a Shiba Inu Layer 2 network built on Ethereum, has been experiencing significant growth in recent weeks. Despite some skepticism about its initial growth spurt, the network has proven to have more momentum than anticipated, reaching a major milestone. After its launch, the network saw a decline in usage, which persisted for a few months. However, as the market began to recover in December and the SHIB price started an upward trend, activity on the Shibarium network exploded.
The Shibarium network is now celebrating a significant achievement: processing over 150 million transactions on its blockchain. To put this growth rate into perspective, the network processed approximately 4.8 million transactions on November 30. Just two weeks later, on December 20, the cumulative total transactions crossed the 150 million mark. This represents a staggering growth rate of over 3,000% in less than 30 days.
In addition to the increase in total transactions, the network has also experienced a drastic rise in daily transactions. The daily average jumped from around 40,000 transactions per day to an average of 7 million daily transactions in the last three weeks. Furthermore, active addresses on the network have been on the rise, going from an average of 500 daily to around 3,000 per day in December.
Despite the surge in activity, transaction fees have remained low, showcasing the network’s ability to handle high loads. This demonstrates the scalability and efficiency of the Shibarium network, even during periods of intense usage.
The growth of the Shibarium network has also caught the attention of investors, potentially leading to another rally in the price of the Shiba Inu token. As more investors become aware of the network and its achievements, they are showing increased interest in the token and closely monitoring updates from the Shiba Inu team.
Crypto analyst Ali Martinez has previously identified a descending parallel channel that SHIB has been trading within. The hope for an upside lies in a push towards $0.000011, which SHIB has been gradually making. Over the last day, the meme coin has risen by 1.6%, indicating progress towards this target. If the current recovery trend continues, it is possible that the SHIB price could break above $0.000011 this week, triggering a bullish rally.
Another factor that could contribute to a price rally is the ongoing SHIB burns carried out by the Shiba Inu team. So far, approximately $170,000 worth of SHIB has been burned, and the team expects total burns to reach $1.2 million. This burning mechanism reduces the token’s supply, potentially increasing its value.
The Shibarium network has achieved a significant milestone with over 150 million transactions processed on its blockchain. The exponential growth rate of transactions, combined with rising daily transaction volumes and active addresses, showcases the network’s scalability and popularity. This increased activity has also caught the attention of investors, potentially leading to a price rally for the Shiba Inu token. The ongoing SHIB burns by the Shiba Inu team further contribute to the bullish outlook for the token. However, as with any investment, it is important to conduct thorough research and exercise caution.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and readers are advised to do their own research and consult with a professional financial advisor before making any investment decisions.