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Shiba Inu Blockchain Shibarium Hits New All-Time High in Transactions

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Shiba Inu Blockchain Shibarium Hits New All-Time High in Transactions

Shiba Inu’s (SHIB) blockchain, Shibarium, experienced a significant surge in activity, marking an all-time high. According to data from Shibariumscan, the layer-2 blockchain, built for the meme-inspired cryptocurrency, saw a 1,557% increase in active accounts within just 24 hours. 

Explosive Growth in Active Accounts

The number of active accounts on Shibarium skyrocketed from 1,685 to an impressive 26,237 in just one day. This sharp rise mostly involved existing accounts, as the number of new addresses increased by only 3,814 during this period. However, the overall activity pushed Shibarium to a new all-time high in terms of active user accounts. 

Related article: SHIB Price Dips Despite Major Whale Activity: Is a Rebound Coming?

Alongside the surge in active accounts, Shibarium also witnessed a huge jump in daily transaction volume. The number of daily transactions soared by almost 1,380%, rising from 128,047 to an astonishing 1.76 million. This level of activity represents the highest number of transactions the network has seen since March, a span of more than six months. 

Source: Shibariumscan

Uncertainty Surrounds Surge

Despite the sharp increase in activity, the exact reason behind the spike remains unclear. Data related to ecosystem applications on Shibarium is still unavailable, leaving speculation about what might have driven the sudden surge. 

Source: Shibariumscan

Some analysts suggest ongoing developments in the Shiba Inu ecosystem may have sparked renewed interest. 

Related article: Shiba Inu Burn Rate Surges 6,750%: What’s Driving the Increase?

While activity on Shibarium surged, the total value locked (TVL) within the blockchain did not follow the same upward trend. In fact, the TVL slightly declined during this period, even as daily transactions continued to rise. 

Currently, the number of daily transactions remains above 990,000, still much higher than the average for the past six months. Shibarium’s future developments will likely clarify the impact of this recent spike in activity.

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