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Shibarium Transactions Hit Jaw-Dropping Milestone, SHIB Price Reacts

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Mon, 4/12/2023 - 8:55
Shibarium Transactions Hit Jaw-Dropping Milestone, SHIB Price Reacts
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The crypto ecosystem is on a major rally today after Bitcoin (BTC) retested its highest price level for 2023. With Bitcoin trading at $41,675, many altcoin protocols have also seen a massive resurgence in their prices and activity. Shibarium is one of the key beneficiaries of this bullish market sentiment as data from Shibarium Scan shows it has pushed its total transaction count above 27,000,000.

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Per the data, the Shiba Inu-based Ethereum Layer-2 scaling solution recorded a daily transaction count of 7.84 million, arguably the highest in a single day. Shibarium transactions have historically been flat until late November, and it recorded a parabolic shift with more than 700,000 transactions recorded in a day this year.

Since then, there has been no slowing down, and the total transactions stealthily climbed to five million transactions and then the current figure of over seven million transactions.

One underlying theme in Shibarium transaction growth is consistency, as even at the point where only a few thousand transactions were recorded, neither the explorer nor the protocol cringed. That Shibarium is now handling far more of a load than when it was first created underscores the great engineering work done to scale the protocol at its second rebirth properly.

Shiba Inu (SHIB) price reaction

The positive transaction milestone of Shibarium has translated to a relatively large spike in the price of the Shiba Inu. At the time of writing, Shiba Inu is up 7.79% to $0.000009165 amid a triple-digit surge in trading volume to $466,454,876.

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This impressive SHIB growth also trickled down to Bone ShibaSwap (BONE), the native token of Shibarium, which has soared by 10.02% to $0.7774. Whether or not this price level is sustained, that Shibarium transactions now number in the millions is a bullish development that can guide further investment activities.

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