Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shibarium has moved closer to breaking another crucial block milestone with a shift in the broader digital currency ecosystem. Notably, this is a sign of improving adoption of the Shiba Inu-backed layer-2 scaling solution. Data from Shibariumscan shows that the protocol is on track to hit 11,000,000 blocks.
Shibarium block trends
The explorer data shows that Shibarium now has exactly 10,962,322 blocks, 37,678 blocks shy of the historic 11 million threshold.
Over the past month, the total number of transactions registered on the chain has stayed at an average of 4,000,000. The ecosystem has retained a steady growth streak at this pace, setting it up for more breakout block trends.
As reported earlier by U.Today, Shibarium crossed the 10 million milestone in March, setting a new narrative to drive more growth. While new product releases have stalled on-chain over the past few weeks, community engagement has slowed down.
Since its launch in August 2023, the layer-2 network has recorded over 1.17 billion transactions. Beyond this, the protocol maintains a five-second average block time, while the number of wallet addresses has crossed 208 million.
Impact on SHIB price
There has been a mild decoupling in the Shibarium growth trend and the actual price of SHIB. While daily transaction count has peaked at the four million range, price has registered a total gain of 27.44% over the trailing seven-day period.
However, the coin has dropped by 6.16% in 24 hours to $0.00001577; any Shibarium rebound can send the price skyrocketing. With increasing SHIB trading volume on the most important crypto exchanges, the positive market liquidity trend has continued to grow, with major upside on price.
For now, the broader bearish market shift is weighing down on the top meme coin, a move that is bound to reverse in the near term.
Vladislav Sopov
Dan Burgin