Search
Close this search box.

Search

Shibarium Experiences Unprecedented Growth: A New Era for Shiba Inu’s Layer-2?

Join us on :

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

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. 

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.

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp