- Shibarium, Shiba Inu’s Layer 2 blockchain, processed 952 transactions in just five seconds at block height 1875694.
- The network recently surpassed six million transactions, showing rapid growth after reaching four million transactions just weeks earlier.
Shibarium, the Layer 2 (L2) blockchain developed for the Shiba Inu ecosystem, has achieved a significant milestone in its transaction count. The core highlight of Shibarium’s recent achievement lies in its ability to process a staggering 952 transactions within a mere five-second block.
Shibarium set this record at a block height of 1875694, marking a notable landmark in the blockchain’s history. At precisely 17:02 (UTC), this event marks a new benchmark in transaction processing speed for Shibarium.
#Shibarium is seeing some serious traffic right now. 952 transactions in a single 5 second block here. #SHIBA #shibarmy #bone #leash #shiboshi@_Mazrael_@LucieSHIB@phertoshi@Mr_Lightspeed@SpecialShib@Digarch
@AdRock_0x_2nd@RealCryptoAngel pic.twitter.com/TWDVvJvg37— IntroduceTheBugs (@IntroduceZeBugs) November 30, 2023
Surge in Overall Transaction Volume
The quick processing speed of Shibarium is not an isolated event. Six million transactions have already been made on the blockchain, demonstrating the strength and expansion of the network. The network’s explorer, Shibariumscan, has provided detailed statistics that indicate the current total number of transactions on the blockchain is 6.33 million.
Only a few weeks have passed since four million transactions were made, showing an amazing development trend. Shibarium added around 2.3 million transactions in a little more than a week, demonstrating its scalability and efficiency with exponential growth.
Shibarium also excels in other areas, as seen by the volume of daily transactions. The network handled an astounding 748,230 transactions daily, a significant increase over the 16,630 transactions reported the day before. This increase is a sign of the network’s rising use and appeal.
Expanding Network and User Base
The growth of Shibarium extends beyond transaction volumes. With approximately 1.88 million blocks mined, the network currently has over 1.27 million addresses. It has handled over 301,237 BONE transfers and can support 30,369 accounts. The network supports over 8,500 tokens and has deployed 14,299 smart contracts since its founding in August.
Despite these noteworthy numbers, Shibarium’s Total Value Locked (TVL) is less than $700K. The TVL saw a minor decline after reaching a peak of over $700K, currently at roughly $693,075.
Shiba Inu Community’s Role and Token Performance
Alongside Shibarium’s development, there has been a lot of activity in the Shiba Inu community. The burning of more than 1.36 billion SHIB tokens in 273 transactions in November deserves special attention. In the realm of cryptocurrencies, this burning activity—which aims to decrease the amount in circulation—is a tactic frequently used to affect token value.
As of the time of writing, SHIB is trading for $0.000008395, a slight rise of 0.5 percent over the previous day. There is a bright side even though the token may not be seeing a significant upswing right now: SHIB has proven resilient, as evidenced by its 8.56 percent price growth over the previous 30 days.
Prospects for the Future and Industry Dynamics
The general state of the cryptocurrency market affects both Shibarium’s future and the Shiba Inu token. The market is inherently volatile, so even while the recent successes are encouraging, many other factors will affect how things turn out. The Shibarium network’s record-breaking transaction speeds and expanding acceptance are encouraging signals for the Shiba Inu ecosystem.
