Shiba Inu Eyes $0.00002 As Shibarium Marks Momentous Milestone
December 21 2023 - 12:30PM
NEWSBTC
Shibarium, the Shiba Inu Layer 2 network, has been marking
milestone after milestone over the last few weeks. The initial
growth spurt which some believed was temporary has proven to have
more steam than expected, and now the network has reached a
momentous milestone. Shibarium Crosses 150 Million Transactions
After its initial launch, the Ethereum-based layer 2 network from
the Shiba Inu team had seen a notable decline in usage. This would
persist for a few months until the market began to pick back up in
December again. Once this happened and the SHIB price was on a
recovery trend, activity on the Shibarium network would go on to
explode. Related Reading: Ethereum Exchange Balances Drop
Drastically, What This Means For ETH Price Presently, the network
is celebrating one of its biggest achievements yet and that is the
fact that more than 150 million transactions have now been
processed on the blockchain. To put this growth rate in
perspective, the total transactions processed on Shibarium on
November 30 were approximately 4.8 million. However, two weeks
later, on December 20, the cumulative total transactions that have
been carried out on the network since launch has crossed 150
million. This jump in the total transactions represents an over
3,000% growth in less than 30 days. Furthermore, the daily
transactions carried out on the network have increased drastically
as well. It went from a daily average of around 40,000 transactions
per day, to an average of 7 million daily transactions in the last
three weeks. At the same time, active addresses on the network have
been rising after going from an average of 500 daily to around
3,000 per day in December. But interestingly, transaction fees have
remained low at this time, showing the ability of the network to
handle periods of high loads. SHIB price maintains $0.00001 |
Source: SHIBUSD on Tradingview.com Shiba Inu Price Could Jump To
$0.00002 Off the back of the growth that the Shibarium network has
seen, the Shiba Inu price could be looking toward another rally
from here. This is because the increased activity on the network
has put the Shiba Inu token on the radar of more investors as they
flock around the team for updates. Related Reading: Finance Expert
Says Explains Why XRP Is A Scam Crypto analyst Ali Martinez
previously identified that SHIB had been trading in a descending
parallel channel. The hope for an upside from there lies in a push
toward $0.000011 and SHIB has been making that push. Over the last
day, the meme coin has risen by 1.6% and is slowly making this
push. If the current recovery trend carries on, then the SHIB price
could break above $0.000011 this week which is expected to trigger
a bull rally. The SHIB burns being carried out by the Shiba Inu
team is another bullish event that could trigger a price rally. So
far, around $170,000 worth of SHIB has been burned by the team with
expectations of total burns reaching $1.2 million. Featured image
from Analytics Insight, chart from Tradingview.com
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