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The Shibarium layer-2 solution, powered by Shiba Inu, crossed an incredible 500 million transactions, signaling robust network adoption. This milestone, however, has yet to impact SHIB’s price significantly, with hopes pinned on market trends to fuel a rally.
Shiba Inu’s Layer-2 Solution Hits Major Milestone
August 2023 saw the release of the Shiba Inu-supported layer-2 scaling solution. X has been the subject of a number of heated discussions since the protocol's new milestone, despite its somewhat troubled beginnings. When an update to the Shiboshi-linked NFT prompted increased ecosystem acceptance less than 30 days ago, Shibarium received a huge boost.
The daily transaction count increased from a few thousand to millions after the NFT bridge capability was implemented on the mainnet. As of this writing, the total number of daily transactions is 4.69 million. This number is irrelevant, though, since the protocol manages to log 2,227 transactions in just a few hours. Kaal Dhairya, a key developer in the ecosystem, has commented on the new milestone.
NFT Bridge Integration Drives Transaction Surge
There are currently 7,849,660 blocks in the system, with 1,889,496 wallet addresses, according to statistics from Shibariumscan. As a result of its steady expansion, the protocol aspires to soon catch up to its competitors, such as Base and Optimism.
The upgrade inside the ecosystem has prompted the memecoin to react, highlighting the relative growth overall. As of this writing, one SHIB token was trading hands for $0.0000264, a decrease of 3.39% over the past 24 hours. Throughout this time frame, the token's price has ranged from $0.00002457 all the way up to $0.0000303.
SHIB Price Response Remains Muted Amid Market Trends
Although the token is expected to have a rally, SHIB has shown a remarkable upward trend in value because of the surge in Bitcoin's price, Coingape points out. The token has maintained an overall surge of over 48% during the last week. It is possible that the token's recovery will occur sooner than expected because its price is generally highly dependent on market trends.
At the same time, SH.I.B, the idea put out by main developer Shytoshi Kusama, intends to become the crypto hub of Silicon Valley. He recently approached Elon Musk with this proposal in an effort to entice the Trump administration to think about it.
