Shibarium Hits 150 Million Transactions
Shibarium, the Shiba Inu Layer 2 network, has achieved a significant milestone by processing over 150 million transactions on its Ethereum-based blockchain. After a period of decline in usage, the network experienced explosive growth when the market picked back up in December. In less than 30 days, the total transactions on Shibarium grew by over 3,000%, with daily transactions increasing from an average of 40,000 to 7 million. Active addresses on the network also rose from 500 to 3,000 per day. Despite the increased activity, transaction fees have remained low, demonstrating the network’s scalability. The SHIB burns conducted by the Shiba Inu team could further contribute to a price rally.
SHIB Price Poised for Bull Rally
The SHIB price has been trading in a descending parallel channel but is making a push towards $0.000011. With a 1.6% rise in the last day, there is potential for a breakout above this level in the coming week, which could trigger a bull rally. Additionally, the ongoing SHIB burns carried out by the Shiba Inu team, amounting to around $170,000 worth of tokens so far, could further boost the price. The team aims to burn a total of $1.2 million worth of SHIB.
Hot Take: Shibarium’s Explosive Growth Propels Shiba Inu Network Forward
Shibarium has defied expectations with its remarkable growth in transaction volume and active addresses. The network’s ability to handle high loads while maintaining low transaction fees showcases its scalability and reliability. As Shibarium continues to gain traction and reach new milestones, it solidifies its position as a prominent player in the crypto space. With the SHIB price showing signs of a potential breakout and the ongoing burns by the Shiba Inu team, the future looks promising for both Shibarium and the Shiba Inu network as a whole.
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