Shibarium Network Reaches 3 Million Blocks
The Shibarium network, developed by the Shiba Inu team, has gained significant adoption in recent months. This has resulted in several new milestones for the network, including surpassing 3 million blocks.
Increase in Blocks on Shibarium Network
Unlike its shaky start, the Ethereum Layer 2 network has seen improvements. Towards the end of 2023, transaction volumes increased, leading to a rise in the number of blocks created. The trend continued into 2024 with a significant increase in the average number of new blocks produced daily.
According to data from ShibariumScan, an average of 14,000 new blocks were created daily as of January 5. However, on January 6, this number rose to around 17,000. Since then, the network has maintained an average of 17,000 new blocks per day.
While the number of blocks has increased, the average block size has declined by over 50%. In January, the peak block size was 56,597 bytes, but by February 4, it had decreased to 22,633 bytes.
Potential Impact on Shiba Inu Price
Despite the achievements of the Shibarium network, there has been no significant impact on the price of Shiba Inu (SHIB). In fact, SHIB has experienced a decline over the past day and week. Currently priced at $0.0000089, SHIB is down 0.9% on both charts.
The correlation between the success of Shibarium and SHIB price seems weak. However, there is a stronger connection between BONE, another cryptocurrency issued by the Shiba Inu team. BONE serves as the base utility token for the Shibarium network, and users use it to pay transaction fees.
Hot Take: Shibarium Network’s Growth Versus SHIB Price
The Shibarium network has achieved significant milestones, such as crossing 3 million blocks. However, these accomplishments have not translated into a price rally for Shiba Inu (SHIB). The lack of correlation suggests that the success of the Shibarium network does not directly impact the SHIB price. Instead, BONE, the utility token for the network, appears to have a stronger influence on its value. As the network continues to grow and attract adoption, it will be interesting to see if this dynamic changes in the future.
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