Shibarium Surpasses 1 Billion Transactions, SHIB Price Down 9.4%

Shiba Inu’s layer-2 network, Shibarium, has achieved a significant milestone by surpassing one billion total transactions. This accomplishment underscores the growing activity and adoption within the Shiba Inu ecosystem. Shibarium was launched in August 2023 with the aim of enhancing transaction speed and reducing costs on the Ethereum blockchain. Since its inception, the network has seen a steady increase in user participation, smart contract deployments, and daily transactions.

According to data from Shibariumscan, the network has processed over one billion transactions, with 1,012,261,457 transactions completed in 10,284,922 blocks and 194,705,571 addresses created. Daily transaction volumes often reach millions, sometimes tens of millions, during periods of high activity in the broader crypto market. Notably, the number of transactions processed on the Shibarium network in the past 24 hours reached 2.75 million, with 4.11 million processed in the previous 24-hour period. Despite this impressive activity, SHIB’s price has not seen meaningful gains.

SHIB’s price performance has been lackluster despite Shibarium’s transaction milestone. Historically, major milestones tied to the Layer-2 network have sparked increased buying activity and short-term price jumps for SHIB. However, the correlation between Shibarium milestones and SHIB’s price has weakened, and the hype surrounding these developments has faded. Shibarium is now an integral part of the Shiba Inu ecosystem, but its influence on investor sentiment and price action has diminished.

The broader crypto market has been bearish for some time, with many large-market-cap cryptocurrencies struggling to find upward momentum. Bitcoin and other major cryptocurrencies have been on a pullback, exacerbated by recent economic announcements. Over the past seven days, SHIB has been trading around the $0.000012 level and is currently down by 9.4%. The lack of strong buying interest has kept SHIB’s price within a tight range, with a risk of falling below $0.000012. At the time of writing, Shiba Inu is trading at $0.00001210, down by 1.2% in the past 24 hours.