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- Shiba Inu Layer-2 Shibarium achieved significant growth with over 627 million transactions and an average block time of 5 seconds.
- SHIB saw a 5% price increase over the weekend, peaking at $0.00003329 fueled by strong burn activity, with over 3 billion SHIB tokens burned in the past week.
Shibarium, the Layer-2 blockchain scaling solution built for the Shiba Inu (SHIB) ecosystem, has recently passed a critical milestone. According to Shibariumscan, the network now hosts 2,004,610 wallets, marking a major milestone for the Ethereum-based platform. Shibarium now has more than 2 million unique wallet addresses registered on its blockchain.
Shibarium Adoption Soars
The above-mentioned target was achieved in about 16 months since Shibarium’s launch, showing steady growth in user adoption. Shibarium has also recorded 627.96 million transactions, supported by its average block time of 5 seconds.
Moreover, in November, the network surpassed 500 million total transactions and continues to process around 4 million daily. To date, the platform has produced more than 8.2 million blocks, showing its efficiency and scalability, reported CNF.
The scaling solution has been very instrumental in broadening the utility and influence of the Shiba Inu ecosystem, which started as a meme coin project. Shibarium’s growth has been bolstered by partnerships and technological innovations within its ecosystem.
One notable contribution comes from Zama, an ecosystem partner that recently introduced the fhEVM Coprocessor. According to lead developer Kaal Dhairya, this innovation is set to launch on Shibarium soon, further enhancing its capabilities and attracting more users.
SHIB Price Faces Turbulence
This weekend, Shibarium’s performance has been very positive for the price of SHIB. The Shiba Inu price gained over 5% and recently achieved a high of $0.00003329, breaking out from the psychologically critical level of $0.00003. However, the meme coin has plunged significantly in value today.
It dropped over 7% today to $0.0000298; hence, its weekly gains also slumped to a mere 4%. Nonetheless, the SHIB price has soared nearly 55% in the last 30 days. Hence, analysts remain optimistic toward a sustained uptrend if Shiba Inu successfully breaks out from $0.00003 and continues holding above the level.
One of the primary driving factors behind SHIB’s recent upward trajectory is the considerable burn activity within its ecosystem. Over the course of the last week, over 3 billion SHIB tokens have been burned, thus removing them from circulation, reported CNF.
The SHIB token also registered interest in the “D.O.G.E narrative,” which is a trend that can be associated with Elon Musk’s influence. Thus, the meme token could witness a resurgence soon, as analysts predict.
As of yet, the derivatives market also weighs on the SHIB price. Coinglass data reveals a 9.61% drop in Shiba Inu’s open interest, reaching $ 163.61 million, indicating a drop in the bullish narrative in the short term. Moreover, long liquidations hit a whopping $2.32 million, which could further exacerbate the ongoing downfall.
