Shibarium Transactions Explode 47,000%, Will Shiba Inu Price Follow Suit?

December 4, 2023 CryptoExpert Doge

Shiba Inu layer 2 solution Shibarium has exploded in transactions in the past week, pushing the metric past various milestones in a matter of hours. The layer-2 network witnessed its transaction count spike more than 47,000% in less than a week, which enabled it to surpass the milestones of 5 million, 10 million, and 20 million in rapid succession. This massive surge shows that Shibarium is gaining major traction and popularity, making it a serious contender among layer-2 networks.

Shibarium Sees Massive Spike in Transactions

Shibarium enables faster transactions and lower fees, ensuring high throughput for the transaction of SHIB and other tokens on the Shiba Inu ecosystem. As a result, Shibarium has received massive adoption since its launch, with its momentum growing at an incredible pace. Data from Shibariumscan puts the total transaction count at the time of writing at 28.5 million, with a total of 1.938 million blocks mined.

Shibarium had averaged around 13,000 daily transactions since its launch, but the transaction count on the network ended November with a spike, increasing 4,600% from 16,630 transactions on November 29th to 784,230 on November 30.

This momentum was brought forward into December, with the Layer-2 network registering millions of transactions each day. The first spike came in the first 24 hours of the month, as it processed 5.11 million transactions on December 1, the highest ever recorded since its launch at the time. However, the network would beat this milestone in rapid succession, and at the time of writing, Shibariumscan puts the number of transactions on December 3 at 7.84 million.

Source: ShibariumScan

Improved On-Chain Metrics Push Shiba Inu Price Up

The significant uptick in transactions seems to have rolled over into SHIB’s price. This isn’t surprising, considering SHIB is the primary token for the Shiba Inu ecosystem and has always reacted to updates regarding Shibarium.

SHIB’s price has seen a 9.5% increase in the past 24 hours, with its trading volume on various exchanges increasing by a whopping 322.46%. BONE, another major token on the ecosystem used for gas fees on Shibarium, has benefited the most from the spike in transactions, As a result, BONE has increased 12% in the past 24 hours and 26% in a 7-day timeframe.

SHIB and BONE are currently trading at $0.000009272 and $0.7792 respectively. A continued spike could see both cryptocurrencies reach their yearly highs of $0.00001473 and $2.01 again before the end of the year.

Lucie, Shiba Inu’s marketing lead, and other members of the community are currently on a mission to get BONE listed on the crypto exchange Binance. A successful listing on the exchange would make BONE available to its 120 million plus customers, which could lead to another price spike for the token.