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Shibarium Eyes Major New Milestone as SHIB Rises 6.50%

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Sat, 20/01/2024 - 7:45
Shibarium Eyes Major New Milestone as SHIB Rises 6.50%
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The Layer-2 blockchain Shibarium continues to approach beyond the milestones it has reached so far toward new highs. Currently, despite a sharp decline in on-chain activity that has been observed recently, it is approaching a new historic utility milestone.

Meanwhile, the Shiba Inu price has demonstrated an impressive surge since Friday, following a 6.12% decline.

Shibarium transaction count keeps growing

The total Shibarium transaction count is approaching a crucial level of 300,000,000 transfers. At the time of this writing, this metric shows a total of 296,505,213, that is approximately 2-million growth since Friday, when the transfer count stood at 294,766,260.

However, the number of transactions produced on Shibarium per day continues to decline. Currently, it is showing 1.96 million daily transfers, while for the past week, this metric held above the 2 million level.

The highest peak of daily transfers was observed at the end of December, when it reached 7.52 million daily transfers.

The number of blockchain wallets connected to Shibarium has also shown a mild increase since Friday, less than 100, though. At press time, this metric shows 1,342,384.

Two days ago, when major cryptocurrency exchange Gate.io announced the integration of the Shibarium blockchain, this Layer-2 network saw an astounding 210.4% rise in transactions, and the daily count jumped from 1.16 million to 2.43 million, too.

The current decline in on-chain activity has been recently addressed by the social media marketing lead of the Shiba Inu team, Lucie. Taking to her Twitter/X page, she explained that at the moment the SHIB team is busy implementing new updates and developments, so “there may be some issues.”

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Shiba Inu price recovers

Over the past 24 hours, the SHIB price has shown an increase of 6.18%, reaching the $0.00000946 level by now. This price surge followed a decline of nearly 6.5% on Friday. Overall, since last Thursday, SHIB has shed a massive 14.89%, dropping from the $0.00001047 level and adding another zero to its price.

The fall took place after the Securities and Exchange Commission agency issued approval for spot Bitcoin exchange-traded funds. The world’s flagship cryptocurrency Bitcoin first soared, but that reversed, as many analysts had predicted, and began a sharp decline. The rest of the cryptocurrency market followed suit.

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