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Despite the slow growth, Shibarium, the Shiba Inu (SHIB) layer-2 scaling solution, is advancing in key metrics. Although Shibarium has scored a steady slump in active transaction count over the past month, block production has remained steady.
Making history, Shibarium adoption test
According to data from Shibariumscam, the L2 protocol is nearing two million registered addresses overall. Currently, it boasts a total of 1,814,475, a figure recorded in just about 13 months since its launch.
Godfrey BenjaminIn addition to this crucial adoption record, total transactions will soon surpass the 420 million milestone. For now, the Shibariumscam record shows that total transactions come in at 418,168,377.
If negative trends are not reversed, total transactions might have a bumpy road ahead of this milestone. The explorer data shows that the daily transaction on Shibarium dropped from a monthly high of 28,680 on Aug. 20 to as low as 1,890 as of press time.
The trend of intensive adoption of Shibarium is generally seasonal, with Q4 last year characterized by millions in daily transactions. However, this level has proven to be understandably unsustainable.
While the daily transaction is seeing a steady drop, other metrics like contracts and gas use are growing remarkably.
Boost for Shiba Inu price
Positive impressions of Shibarium have a way of trickling down to Shiba Inu and SHIB prices. Growing transactions might involve Shiba Inu, and more users, as marked by wallet addresses, may imply more people placing demand on SHIB.
Yuri MolchanThe resultant effect would help SHIB build on its growth momentum. As of press time, the token is up 2.77% in 24 hours to trade at $0.00001347. With the token still down by over 87% from its all-time high of $0.00008845, the projected milestones might help it bridge this gap.
Achieving its goal will require a consolidated effort from the community and developers exploring various use cases on the Shibarium network.
Tomiwabold Olajide
Arman Shirinyan