Shibarium Hits 100 Million Transactions Milestone
Shiba Inu’s layer-2 blockchain, Shibarium, has achieved a significant milestone by surpassing 100 million transactions. This accomplishment has garnered more attention for SHIB and resulted in a substantial price increase. Coingecko reports that the token has seen an almost 8% rise in the weekly timeframe, with a significant surge of 23% in the bi-weekly period.
In addition to Shibarium’s achievement, Shiba Inu aims to capitalize on the positive market sentiment as the year comes to a close.
Shibarium’s Success in the Modern Era
Since its official launch in August this year, Shibariumscan indicates that the L2 chain has experienced exponential growth. As of today, daily transactions have reached 7.36 million, with a total of 105.2 million processed transactions. This remarkable progress can be attributed to recent behind-the-scenes activities by the development team.
Shibarium is planning to transition from the Goerli Network to the Sepolia Network as its layer 1 chain in the coming year. This strategic shift aims to provide developers with a reliable platform for testing their dApps and smart contracts.
Upcoming SHIB Burns and Market Rally
According to an announcement by the dev team earlier this month, Shibarium is currently in the manual phase of SHIB burns, with three significant manual burns scheduled for this month. These burns will reduce the available supply of SHIB in the market and potentially drive up its price.
Furthermore, SHIB’s price is also influenced by the broader market rally observed recently, with Coingecko data showing a nearly 6% increase in the daily timeframe. If this trend continues, SHIB may continue to experience gains.
Bulls Aiming for Further Price Reduction
The bullish momentum in SHIB is pushing the token towards another zero reduction in its price, as it breaks through the $0.00000997 level. If the bulls can stabilize the token at this price point, it is likely that further gains can be anticipated in the near future.
However, it is worth noting that SHIB’s price action heavily relies on major coins like ETH and BTC. This over-reliance could pose a long-term challenge. If the current bullish streak driven by Bitcoin ends, SHIB may face a challenging period.
Hot Take: SHIB’s Milestone Achievements and Future Prospects
Shiba Inu’s Shibarium reaching 100 million transactions showcases the growing popularity and adoption of this layer-2 blockchain. The upcoming transition to the Sepolia Network further highlights the team’s commitment to providing a reliable platform for developers.
In addition, the scheduled manual burns and the overall market rally contribute to SHIB’s positive outlook. However, caution should be exercised due to the token’s dependence on major cryptocurrencies and potential market fluctuations.
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