Shibarium Network Sees Over 90 Million Transactions
The Shiba Inu Ethereum Layer 2 network, known as Shibarium, has experienced a surge in adoption recently. The network has now surpassed 90 million transactions, with over 6.5 million transactions being recorded daily. Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the network.
Growth in Accounts and Active Users
The growth rate of accounts on the Shibarium network has also increased significantly. The number of accounts went from around 30,000 at the end of November to over 54,000 within two weeks in December, representing almost 100% growth.
However, active accounts reached an all-time high of 9,339 on December 5 but have since decreased to 3,232 on December 10.
New accounts created in a single day also reached a new all-time high in December but have dropped by approximately 92% to just 368 by December 10.
Impact on Shiba Inu Price
While the growth of the Shibarium network is positive for Shiba Inu, it is unlikely to have a significant impact on its price. Shiba Inu is the governance token of the network, while BONE is the main utility token. Therefore, the network’s growth will likely affect the price of BONE rather than SHIB.
Potential for SHIB Price Increase
Market experts suggest that Shiba Inu may reach its $0.0001 price target by 2025. They also believe that under favorable market conditions, the meme coin could rise as high as $0.000728 in the same year.
In the short term, the burning of over $1.2 million worth of SHIB accumulated from BONE fees on the Shibarium network may contribute to a price increase. As the supply of SHIB decreases, its value is expected to rise.
Hot Take: Shibarium Network Sees Exponential Growth in Transactions and Accounts
The Shibarium network, the Layer 2 solution for Shiba Inu, has witnessed remarkable growth in terms of transactions and accounts. With over 90 million transactions and a daily average of 6.5 million transactions, the network has reached a new milestone. Additionally, there has been a significant increase in the number of accounts on the network, with a growth rate of almost 100% within two weeks.
However, while this growth is positive for Shiba Inu, it is unlikely to have a direct impact on the price of SHIB. Instead, it is expected to affect the price of BONE, the main utility token of the network. Market experts predict that SHIB may reach its $0.0001 price target by 2025 and could potentially rise even higher under favorable market conditions.
In the short term, burning over $1.2 million worth of SHIB may contribute to a price increase as the token’s supply decreases. Overall, the Shibarium network’s growth showcases its potential and sets the stage for future developments in the Shiba Inu ecosystem.
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