Shibarium, the layer-2 blockchain network for Shiba Inu, shocked the community with a massive increase in transactions over the weekend. According to Shibariumscan data, transactions surged from 3,690 on October 17 to a peak of 324,590 by October 19.
Sustained Growth in On-Chain Activity
This surge highlights the scalability of Shibarium, designed to handle large volumes depending on user activity. Although the peak transaction count has since dropped, the daily figure still sits at 128,050. This represents an astonishing 3,370% growth in just a few days.
Source: Shibariumscan
The cause of this transaction spike remains a mystery. While Shibarium has seen significant growth before—especially with ordinal inscriptions driving up activity—this recent jump lacks a clear trigger.
Related article: Shiba Inu (SHIB) Eyes Breakout to $0.000030 After Six Failed Attempts: Will It Finally Succeed?
Analysts are still trying to pinpoint what new innovation or ecosystem trend might be driving this surge. However, the timing aligns with past instances of high network activity.
Long-Needed Growth for Shibarium
This spike comes after a long period of stagnant transaction numbers for Shibarium. The network struggled to keep up with competitors like Ethereum-based layer-2 protocols, including Base, Optimism, and Arbitrum. The recent growth could mark a turning point, positioning Shibarium to compete for a larger market share.
Related article: Shiba Inu Burn Rate Skyrockets: 1,020% Surge in One Week
As Shibarium’s transaction volume rises, it could drive up demand for Shiba Inu’s native token, SHIB, in the long term. This boost may also open doors for future projects, like the SHI stablecoin currently in development. However, at present, SHIB’s price has dipped by 4.03%, trading at $0.00001819.
We're on Twitter, follow us to connect with us: @Cryptoboom
— Cryptoboom (@Cryptoboom29884) April 15, 2024
Its market cap stands at $10.71 billion, with many investors hopeful that the ongoing transaction growth will positively impact the token’s price in the future.
