Bitrabo Editorial
Since its launch in 2023, Shibarium, the Ethereum Layer 2 network developed by the Shiba Inu team, has shown substantial growth. It is on the verge of reaching a significant milestone of 420 million transactions with a notable 50% surge in daily transactions.
Approaching the Milestone
Recent data from Shibariumscan indicates that the network is close to hitting 420 million transactions, currently standing above 417.53 million. This milestone is expected to be achieved within nine months since its inception in August 2023.
The network witnessed a spike in daily transaction volume, reflecting growing interest in Shibarium. Despite a dip to 10,904 transactions on Tuesday from a high of 18,554 on Monday, the volumes surged by 50% on Wednesday to reach 15,414. The network’s average daily transactions now hover around 9,000, with a projected timeframe of eight months to reach the remaining 2.5 million transactions.
As the crypto market experiences bullish trends and increased participation, Shibarium could see accelerated adoption, potentially hitting the milestone sooner.
Predicting Shiba Inu’s Price Direction
Despite the crypto market recovery, Shiba Inu’s price reflects the downtrend observed in the Shibarium network. The meme coin has dropped by 2.55% in the last day, accompanied by a substantial decline in daily trading volume.
The trading volume has plummeted by 49% to $631 million, indicating waning interest in Shiba Inu’s price, especially as newer meme coins showcase stronger gains.
Other meme coins like PEPE and BONK have surged to new highs, registering gains of over 100% and 74% respectively in the last month. This shift signals a preference for newer meme coins over established ones, potentially leading to continued price struggles for Shiba Inu. Despite trading at $0.00002532, Shiba Inu remains the 12th-largest cryptocurrency with a market cap of $14.9 billion.