Shibarium, the Ethereum Layer 2 Network developed by the Shiba Inu team, has seen remarkable growth since its launch in 2023. With continued usage, the network is on track to reach another major milestone with a notable 50% rate of its daily transactions.
Shibarium almost at 420 million transactions
According to data According to Shibariumscan, the total number of transactions carried out since its creation is approaching 420 million. At the time of writing, that figure sits just above 417.53 million, meaning the network achieved this feat in nine months, following its August 2023 launch.
This comes amid an increase in daily trading volume, signaling interest in the Shibarium Network. Daily transactions fell to 10,904 on Tuesday after initially reaching 18,554 on Monday, the second highest daily figure in May so far. However, on Wednesday, the network’s transactions saw a 50% jump from Tuesday’s lows, reaching 15,414.
With these figures and the network performance over the past month, its average daily transactions are now around 9,000. If this average holds, it will take about 8 months for the network to reach the remaining 2.5 million transactions and cross the 420 million milestone.
However, with the bull market raging and crypto participation increasing, it is possible that Shibarium will start to see higher adoption. In this case, the Ethereum Layer 2 network could take this step very soon.
Where is the Shiba Inu price going?
The negative performance of Shibarium Network appears to have moved to Shiba Inu price as a meme coin despite the crypto market recovering. The meme coin’s price fell by 2.55% over the past day, amid a massive drop in its daily trading volume.
Its trading volume fell 49% over the past day to $631 million at the time of writing. This drop in volume suggests a decrease in interest in the Shiba Inu Priceespecially since other, even more recent, coins show more gains.
For example, the price of PEPE hit new all-time highs this week, with gains of over 100% in the last month. Likewise, the BONK Price appears to be rallying to new all-time highs, hitting gains of 74% in the last month alone.
This suggests a shift from more established meme pieces to newer, shinier versions, and the price of the Shiba Inu could continue to suffer. It is currently trading at $0.00002532, but despite the declines over the past day, it remains the 12th largest cryptocurrency in the space with a market cap of $14.9 billion.
Featured image created with Dall.E, chart from Tradingview.com