Shiba Inu price is in the spotlight as showcased by the more than 1 billion transaction milestone registered by Shibarium.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
Shiba Inu’s Layer-2 blockchain, Shibarium, which runs on top of Ethereum, has reached a significant milestone. According to data from Shibariumscan, the network has surpassed one billion transactions in less than two years of deployment.
This massive milestone shows the network’s consistent growth in the cryptocurrency market. Many experts are speculating about its possible impact on Shiba Inu SHIB $0.000013 24h volatility: 6.7% Market cap: $7.78 B Vol. 24h: $214.22 M price.
According to the data, Shibarium officially surpassed the one billion transaction mark on March 31. Interestingly, this occurred just 593 days after its release to the public on August 16, 2023.
It is worth mentioning that this recent breakthrough puts Shibarium among the fastest-growing blockchain networks in Web3. Its 1 billion transaction milestone stands in contrast to Bitcoin, which took 15 years to reach the same count. Per recent development, the blockchain has maintained an impressive daily transaction count. It recently processed up to four million transactions in a single day.
Data from Shibariumscan show that the network has also produced 10,233,246 blocks while maintaining a stable block time of five seconds. Additionally, since its release, nearly 194 million unique wallet addresses have interacted with the network. This shows the widespread adoption of the Ethereum L2 in the digital asset market.
As reported by Coinspeaker, Shibarium encountered a network outage in 2024 that affected its performance. Nonetheless, the protocol has continued to operate efficiently, strengthening its position as a major Layer-2 solution. Many experts believe the blockchain’s ability to process high transaction volumes has played a key role in its growing adoption.
Still, recent reports show that the network is seeing some fluctuations in user activity. For example, while Shibarium has 248,608 accounts, only 917 were active in the past day. This brought about a significant decline of 89% compared to the previous day’s 8,346 active users.
The Shiba Inu price has increased 5.92% after the record of the transaction milestone made the rounds. As of this writing, SHIB price was trading at $0.00001290, with a market capitalization of $7.6 billion. SHIB investors are closely monitoring the market to see if further positive price swings will occur.
Historically, blockchain growth has increased token values. This new height has led to speculation about a possible Shiba Inu price breakout.
For context, a blockchain’s strength is often linked to its adoption rate. This is why many experts believe that as Shibarium continues to grow, demand for SHIB could increase, especially if network engagement remains high.
Market conditions are unclear, and SHIB price largely depends on what happens in the wider crypto market. Now, traders are watching closely to see if the current SHIB price rebound can be sustained.
If the high transaction numbers lead to more people using Shibarium, investors could be more interested in SHIB. However, if active accounts keep falling drastically, it could hold back SHIB’s growth for now.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
