Shiba Inu’s Layer-2 scaling solution, Shibarium, recently hit a significant milestone.
Data from Shibariumscan, its native explorer, shows that Shibarium is on a journey to one billion transactions.
Shibarium’s Growth Signals Strong Adoption
Shibarium’s total transactions currently stand at 927,105,534. This places it less than a hundred million transactions away from one billion.
This figure signals the high network usage of the Layer-2 protocol. This also shows the massive adoption that Shibarium has witnessed since its launch in August 2023.
Notably, the blockchain solution that provides faster and cheaper transactions for the Shiba Inu (SHIB) community has gained traction.
It has supported the ecosystem in addressing scalability issues associated with the Ethereum network.
Besides the massive transaction volume, 2,110,629 unique wallet addresses interact with Shibarium smart contracts.
The significance of this increasing wallets suggests more users are participating in the L2 network.
It also indicates developers are active in the ecosystem. Analysts consider soaring transaction volume and increasing wallets indicative of strong user engagement.
This metric boosts investor confidence in the SHIB ecosystem. Another key metric that shows the growth of the Shibarium network is the total number of blocks.
Data shows there are 9,390,767 blocks where transactions are recorded. The high block count means the Shibarium network has been processing transactions efficiently. The primary reason for its launch was to fix scalability and speed issues.
Expansion Beyond SHIB: The Role of New Tokens
Interestingly, the increased activity on Shibarium has positively impacted Shiba Inu.
This reveals itself in the expansion of the ecosystem beyond its memecoin status.
Shiba Inu has launched tokens such as BONE, SHIB, and LEASH. It recently added another, the TREAT token, to the existing ones.
This addition completes the tokens planned by Shytoshi Kusama, SHIB lead developer.
It is worth noting that each of the four tokens has a different utility and purpose in the Shiba Inu ecosystem.
According to Kusama, TREAT, the latest addition, will focus on governance and innovation within the network.
The goal is to boost the ecosystem as it evolves into a fully decentralized digital entity.
Will SHIB’s Price Recover?
Experts consider the massive transaction volume on Shibarium to be pivotal to Shiba Inu’s future development.
They see the increased activity positively impacting SHIB’s utility and long-term value.
With the four tokens launched, market observers expect that the utility of SHIB, BONE, TREAT, and LEASH would help increase Shiba Inu’s value.
SHIB’s price in the last 30 days has declined by 27.90%. The asset has been unable to find stability since it dropped from $0.00002218.
Its brief spell above the $0.000023 mark proved unsustainable as it witnessed a further decline.
The massive decrease in value has persisted despite the ecosystem’s deflationary efforts that permanently wiped out hundreds of millions of tokens.
The increasing burn rate has also not proven enough to trigger a significant rebound.
However, many in the community expect a shift soon and hope for a rise in SHIB’s price.
As of this writing, SHIB price was changing hands at $0.00001504, a 5.43% decrease in the last 24 hours, as per market data.
With Shibarium closing in on the 1 billion transaction milestone, users in the community and the broader crypto ecosystem will focus on Shiba Inu. Some argue this could trigger a SHIB breakout.
