Shibarium, the Shiba Inu Layer 2 network, has seen remarkable growth in recent weeks, surprising skeptics who initially believed its success was temporary. Despite a decline in usage following its launch, the network experienced a resurgence in December, coinciding with the recovery of the SHIB price. As a result, activity on the Shibarium network has skyrocketed, reaching an impressive milestone – over 150 million transactions processed on the blockchain. This represents an astonishing growth rate of over 3,000% in just under 30 days.
Explosive Growth and Increased Activity
The growth of the Shibarium network is truly remarkable. In just two weeks, the cumulative total of transactions processed on the network soared from approximately 4.8 million on November 30 to over 150 million on December 20. This surge in transactions demonstrates the increasing adoption and usage of the network within the crypto community.
Not only have the total transactions increased significantly, but the daily transactions have also experienced a substantial rise. Previously averaging around 40,000 transactions per day, the network now handles an average of 7 million daily transactions – a staggering increase. The rise in active addresses on the network is equally impressive, going from an average of 500 daily to around 3,000 per day in December.
Furthermore, despite the surge in activity, the transaction fees on the Shibarium network have remained low. This highlights the network’s scalability and its ability to handle high loads without compromising user experience or incurring exorbitant fees.
Impact on SHIB Price and Future Prospects
The increased activity on the Shibarium network has caught the attention of investors, reflecting in the price of the Shiba Inu token. As more investors flock to the Shiba Inu team for updates, there is a growing expectation of another rally for the SHIB price.
Crypto analyst Ali Martinez previously identified a descending parallel channel for SHIB’s trading pattern. The current recovery trend suggests a potential push towards $0.000011, and the meme coin has already witnessed a 1.6% increase in the last day. If this upward momentum continues, it is likely that the SHIB price could surpass $0.000011 this week, setting the stage for a bull rally.
Another bullish event that could contribute to a price rally is the SHIB burns carried out by the Shiba Inu team. Currently, approximately $170,000 worth of SHIB has been burned, with expectations of total burns reaching $1.2 million. These burn events reduce the supply of SHIB in circulation and can create scarcity, potentially driving up the token’s value.
The Shibarium network’s achievements cannot be overlooked, as it celebrates a significant milestone of processing over 150 million transactions on its layer 2 blockchain. With its exponential growth and increasing activity, the network has become a focal point for investors, leading to potential price rallies for the SHIB token. The network’s scalability and ability to handle high loads without incurring high transaction fees further strengthen its position in the market. As the Shiba Inu team continues to carry out SHIB burns, reducing the token supply, the prospects for its future price performance remain promising.
Disclaimer: This article is provided for educational purposes only and does not represent the opinions of the author on whether to buy, sell, or hold any investments. Investing in cryptocurrencies carries inherent risks, and readers are advised to conduct their own research and exercise caution when making investment decisions. The information provided in this article is used entirely at the reader’s own risk.
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