Shiba Inu’s Shibarium Teases 420 Million Transaction Milestone As Daily Transactions Jump 50%

Shibarium, the Ethereum Layer 2 network developed by the Shiba Inu team, has seen some remarkable growth since it launched in 2023. With the continuous usage, the network is on its way to reaching a new major milestone amid a notable 50% in its daily transactions.

Shibarium Almost At 420 Million Transactions

According to data from Shibariumscan, the total number of transactions that have been carried out since inception is nearing 420 million. At the time of writing, the figure is sitting just above 417.53 million, which means the network has achieved this feat in nine months, after launching in August 2023.

This comes amid a jump in the daily transaction volume, signaling a  interest in the Shibarium network. The daily transactions had retraced to 10,904 on Tuesday after initially rising to 18,554 on Monday, its second-highest daily figure in the month of May so far. However, on Wednesday, the network’s transaction saw a 50% jump from Tuesday’s lows, rising to 15,414.

With these figures and the network’s performance over the last month, its average daily transactions now sit somewhere around 9,000. If this average holds going forward, it could take the network around 8 months to hit the 2.5 million transactions left to hit the 420 million milestone.

However, with the bull market raging on and crypto participation rises, it is possible that Shibarium does begin to see higher adoption. In that case, the Ethereum Layer 2 network could be hitting this milestone very soon.

Where Is The Shiba Inu Price Headed?

The negative performance of the Shibarium network seems to have moved onto the Shiba Inu price as the meme coin despite the crypto market recovery. The meme coin’s price is down 2.55% in the last day, amid a massive decline in its daily trading volume.

Its trading volume is down a whopping 49% in the last day to sit at $631 million at the time of this writing. This decline in volume suggests dwindling interest in the Shiba Inu price, especially as other newer meme coins are posting more gains.

For example, the PEPE price has risen to new all-time highs this week, with over 100% gains in the last month. Likewise, the BONK price looks to be rallying toward new all-time highs, touching gains of 74% in the last month alone.

This suggests a move from more established meme coins to the new, shinier versions, and the price of Shiba Inu could continue to suffer as a result. It is currently trading at $0.00002532, but despite the declines in the last day, it remains the 12th-largest cryptocurrency in the space with a market cap of $14.9 billion.

Featured image created with Dall.E, chart from Tradingview.com