Shibarium, Shiba Inu's Ethereum layer-2 network, has achieved a notable transaction milestone, according to the latest data from its explorer.
It seems to be gathering steam, reaching over 2 million total transactions and supporting more than 1.1 million wallet addresses.
Shibarium's growing pains
With an average block time of 5.0 seconds and a gas tracker at 3.02 Gwei, Shibarium has logged a total of 580,102 blocks as of Sept. 11.
The network saw daily transactions average at approximately 168,150, demonstrating the platform's increasing utility and adoption rate.
Developed as a fork of Polygon, Shibarium is part of Shiba Inu's broader strategy to expand into the metaverse and gaming applications, and it offers cheap settlements for DeFi applications built on top of it.
After a slew of initial hiccups—such as software bugs that left millions of dollars in limbo—the platform seems to have stabilized after putting additional fail-safes in place.
In spite of Shibarium's early success, the price of the Shiba Inu token (SHIB) remains subdued. According to the latest CoinGecko data, SHIB is priced at $0.00000702, down 4% on the day and down 8.1% over the week.
However, Shibarium's new milestones could be a positive indicator of the project's long-term viability, even if they haven't yet had a significant impact on the token's price.
Shibarium is positioning Siba Inu as a key player in the rapidly evolving cryptocurrency landscape, allowing it to go beyond its meme coin status.