Shibarium, Shiba Inu’s own scaling solution, has been experiencing remarkable growth and acceptance since its introduction. The Layer-2 solution has seen significant growth in various metrics over the months, demonstrating strong momentum. Shibarium is now approaching the milestone of 4 million total transactions, coinciding with an increase in whale activity as large transactions spiked in the past week.
Shibarium has rapidly become the preferred method for SHIB whales and retail investors to buy and sell SHIB tokens. According to NOWNodes, a blockchain node provider, Shibarium has been one of the most powerful networks this month, processing 66 million requests. In less than three months since its launch, the network is now nearing the four million transaction mark, showing no signs of slowing down.
Data from Shibariumscan reveals that, at the time of writing, there have been a total of 3.81 million transactions and 1.51 million blocks mined. The daily transaction count in the last 24 hours alone reached 13,700, and the number of wallet addresses recently surpassed 1.26 million.
At the same time, Shiba Inu whales have increased their activity. Data from IntoTheBlock shows a 45% surge in large transaction volumes within the Shiba Inu ecosystem, reaching a total of $46.12 million by the end of October.
Previous news surrounding Shibarium has consistently had a positive impact on the price of SHIB. Each new milestone and achievement in Shibarium’s development generates excitement and drives up the price of SHIB. At the time of writing, SHIB is trading at $0.000008154, with only 22.14% of holders currently in profit.
Surpassing the four million mark in Shibarium could lead to further hype in the Shiba Inu ecosystem, potentially pushing SHIB beyond its current resistance level of $0.0000082 towards its August high of $0.00001072, at least temporarily. As more SHIB holders discover the benefits of Shibarium, such as lower fees and faster transaction speeds, the adoption rate will only accelerate. Various developments also suggest a sustained price increase for SHIB.
Shytoshi Kusama, the lead developer of SHIB, recently announced a naming service on Shibarium, allowing complex Shibarium addresses to be converted into human-readable names. While a price point of $0.1 seems highly unrealistic at the moment, updates like these suggest a starting point for sustainable price growth.
Overall, Shibarium’s rapid growth and increasing adoption, coupled with the heightened activity of SHIB whales, indicate a promising future for Shiba Inu and its ecosystem. As the network continues to scale and enhance its capabilities, the potential for further market expansion and value appreciation remains significant.
