An important milestone has been achieved by Shibarium, Shiba Inu Layer-2 scaling solution, which has recorded nearly half a billion transactions since its inception.
Shibarium, the Ethereum-based Layer-2 scaling solution supported by the Shiba Inu (SHIB) ecosystem, has achieved a significant mainnet milestone.
The platform has exceeded the 500 million transaction threshold, as indicated by the Shibarium scan data. The total transaction is estimated to be 500,623,178 at the time of writing.
The Obvious Growth Catalyst and Shibarium
In August 2023, the layer-2 scaling solution that the Shiba Inu supported was introduced. The new milestone spurs a series of debates on X after a predominantly rocky start for a protocol. Shibarium received a substantial boost less than a month ago when the Shiboshi-linked NFT update increased ecosystem adoption.
The transaction count on the mainnet increased from a few thousand to millions per day due to the NFT bridge feature. The daily transaction tally is 4.69 million at the time of this writing.
The protocol records a minimum of 2,227 transactions in hours despite this figure. The new milestone has prompted a comment from Kaal Dhairya, one of the ecosystem’s leading developers.
https://twitter.com/kaaldhairya/status/1856378347292418546
Per the Shibariumscan data, the protocol currently has a total block size of 7,849,660, with 1,889,496 wallet addresses. The protocol anticipates that it will soon be able to compete with its peers, such as Base and Optimism, due to its consistent development.
Shiba Inu Reaction: Will This Increase Market Value?
The memecoin has responded to the update within the ecosystem by emphasizing relative growth. The price of SHIB was $0.0000264 at the time of writing, a decrease of 3.39% in the past 24 hours. The token fluctuated between a low of $0.00002457 and a high of $0.0000303.
Even though the token is expected to experience a rally, SHIB has experienced an unprecedented development trend in response to the Bitcoin price surge. The token has maintained an overall rally of over 48% over the past week. As the broader market trend significantly influences the token’s price, its recovery may occur more rapidly than anticipated.
In the interim, Shytoshi Kusama, the leading developer, has focused on his SH.I.B proposal to establish the Silicon Valley destination for crypto. He recently presented this concept to Elon Musk to persuade the Donald Trump administration to contemplate the possibilities.
