Shibarium Achieves Epic Milestone: Over 700M Transactions

Shibarium, Shiba Inu’s (SHIB) layer-2 blockchain solution, celebrated Christmas with a significant achievement. The protocol surpassed 700 million total transactions, a milestone reflecting its increasing adoption and user activity.

According to data from Shibariumscan, the blockchain recorded an impressive 702,299,255 transactions. This translates to an average of 4.51 million daily transactions. These activities are powered by over 2,021,932 wallet addresses on the network, showcasing widespread community participation.

Rapid Growth Since Launch

Shibarium’s transaction milestone is particularly remarkable, considering the protocol launched in August 2023. Achieving such high transaction volumes in less than 18 months highlights the community’s strong engagement. Furthermore, this development comes shortly after earlier reports hinted at the impending milestone.

The ecosystem has also seen other advancements. Shibarium introduced a revamped user interface to enhance compatibility with popular self-custody wallets like Coinbase Wallet, Trust Wallet, and MetaMask. These efforts, combined with a focus on reducing transaction costs, improving scalability, and increasing speed, likely drove the surge in transaction volumes. A recent upgrade enabling faster block processing times has further enhanced the protocol’s appeal among developers and users.

Shiba Inu Price Gains Momentum

This milestone coincides with an uptick in Shiba Inu’s price. SHIB currently trades at $0.00002299, reflecting a 3.52% increase in the past 24 hours. Market sentiment appears bullish, with trading volume rising 15.78% to $707.72 million.

However, sustaining this momentum comes at a cost. The network incinerated over seven million SHIB tokens in the past 24 hours to manage supply and maintain value. According to Shibburn data, 7,309,654 SHIB tokens were sent to dead wallets. Analysts suggest that if the current momentum persists, SHIB could experience a significant rally in the coming weeks.

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Shibarium’s success reflects its robust ecosystem and community support. As it continues to grow, the blockchain solution may further solidify its role in the development of the SHIB ecosystem.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.