The Shiba Inu ecosystem has witnessed a notable surge in user activity on its layer-2 network as the crypto market recovers. Several significant releases, including introducing the Shibarium layer-2 network during the bear market, have contributed to this uptick.
Similar to other layer-2 solutions built on Ethereum, Shibarium offers users faster transactions and lower fees.
Since its launch in August, Shibarium has achieved remarkable milestones, processing three million transactions within a few weeks. While the initial adoption phase experienced a slowdown with a drop in the total value locked on Shibarium-based DeFi protocols in October, the recent resurgence of the cryptocurrency bull market has reignited interest.
In the last three days alone, the network has recorded over 20 million transactions, a substantial increase compared to the 3.3 million transactions in its first eight weeks.
According to data from Shibariumscan, the layer-2 network managed over 7.8 million transactions in the past 24 hours leading up to press time. On December 1 and 2, the network handled 5.1 million and 7.4 million transactions, respectively. The significant rise commenced in early December, with the network averaging less than 50,000 transactions in the past 30 days before the recent spike.
Shibarium’s Resurgence: A Key Player in the Bull Run?
Shibarium’s heightened adoption has captured the attention of SHIB enthusiasts as the cryptocurrency market unmistakably enters a bull run in the final quarter of this year. Increased market activity usually leads to a greater demand for block space and generates substantial interest in efficient layer-2 solutions like Shibarium.
SHIB enthusiasts hope that the network is ideally positioned to handle any influx in demand, as it demonstrated at the start of December. The layer-2 network, directly tied to SHIB burns and linked to BONE tokens used for governance, may catalyze SHIB to thrive in a bull market.
Meanwhile, as the broader crypto market rebounds, SHIB is experiencing mild growth. The token has seen a 9.7% gain in the past month, reaching a high of $0.0000094 and currently trading at $0.000008989. Over the same period, Shibaswap (BONE) has gained 2.66%, trading at around $0.74 at the time of writing.