Shibarium, the Shiba Inu Layer 2 network, has marked milestone after milestone in recent weeks. The initial growth spurt, which some thought was temporary, turned out to have more momentum than expected, and now the network has reached a momentous milestone.
Shibarium crosses 150 million transactions
After its initial launch, the Shiba Inu team’s Ethereum-based Layer 2 network had seen a notable decline in usage. This would continue for a few months until the market started to pick up again in December. Once this happened and the SHIB price was in a recovery trend, activity on the Shibarium network would explode.
Currently, the network is celebrating one of its biggest achievements yet, and that’s the fact more than 150 million transactions are now processed on the blockchain. To put this growth rate into perspective, the total number of transactions processed on Shibarium as of November 30 was approximately 4.8 million. However, two weeks later, on December 20, the total number of transactions carried out on the network since its launch surpassed 150 million.
This jump in total transactions represents growth of more than 3,000% in less than 30 days. Moreover, daily transactions on the network have also increased drastically. It went from a daily average of about 40,000 transactions per day to an average of 7 million daily transactions in the past three weeks.
At the same time, the number of active addresses on the network has increased, from an average of 500 per day to around 3,000 per day in December. But interestingly, transaction fees have remained low at this time, demonstrating the network’s ability to handle periods of high load.
SHIB price maintains $0.00001 | Source: SHIBUSD on Tradingview.com
The price of Shiba Inu could rise to $0.00002
Due to the growth that the Shibarium network has seen, the Shiba Inu price could be looking for another rally from here. This is because increased activity on the network has put the Shiba Inu token on the radar of more investors as they flock around the team for updates.
Crypto analyst Ali Martinez previously identified SHIB as trading in a declining parallel channel. The hope for an upward move lies in a push towards $0.000011 and SHIB has made that push. Over the past day, the meme coin has risen 1.6% and is slowly making this move. If the current recovery trend continues, SHIB price could break above $0.000011 this week, which is expected to trigger a bull rally.
The SHIB burns conducted by the Shiba Inu team are another bullish event that could cause a price increase. To date, approximately $170,000 worth of SHIB has been burned by the team, with total burns expected to reach $1.2 million.
Featured image from Analytics Insight, chart from Tradingview.com
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