Shibarium Hits 1 Billion Transactions, SHIB Price Unmoved

Shiba Inu's layer-2 network, Shibarium, has officially crossed one billion total transactions, a significant achievement for the ongoing push to expand beyond meme coin status. Shibarium’s growth stems from steady activity and the adoption of the layer-2 network within the broader Shiba Inu ecosystem. The launch of Shibarium in August 2023 marked a turning point for the meme cryptocurrency’s ecosystem. The goal of the layer-2 network was to improve the speed and lower the cost of Shiba Inu transactions on the Ethereum blockchain. Since its launch, Shibarium has consistently increased user participation, smart contract deployments, and daily transactions. According to data from Shibariumscan, total transactions have now exceeded the one billion mark, showcasing the sheer amount of activity the network has processed. At the time of writing, Shibarium boasts 1,012,261,457 transactions processed in 10,284,922 blocks and 194,705,571 addresses created. Daily transaction volumes frequently reach the millions, sometimes tens of millions, during periods of high activity in the wider crypto market. Notably, the number of transactions processed on the Shibarium network in the past 24 hours has reached 2.75 million, with an even larger 4.11 million processed in the previous 24-hour timeframe. However, despite the milestone and notable transaction activity, SHIB has failed to make any meaningful price gains. SHIB’s price performance has been far less encouraging despite Shibarium’s transaction milestone. Since its launch, major milestones tied to the Layer-2 network have often led to increased buying activity. During earlier stages of Shibarium’s rollout, even modest developments were enough to spark rallies or at least short-term price jumps for SHIB. However, the correlation between Shibarium milestones and SHIB’s price has finally detached, and the hype has finally faded. Shibarium is now only a strong part of the Shiba Inu ecosystem, but its ability to influence the sentiment among crypto investors and price action has diminished. Outside this detachment, the crypto markets have been generally bearish for a while. The entire crypto landscape has experienced a persistent pullback since early March, with many large-market-cap cryptocurrencies struggling to find upward momentum. Shiba Inu price predictions are getting bleaker as SHIB recently tapped a new yearly low, sparking fears of an imminent breakdown in its price structure. Meanwhile, Shiba Inu’s metrics are painting a somewhat bearish picture, as market participants are taking a step back and waiting for the dust to settle. Shiba Inu’s Open Interest (OI) has been spiraling downward, and today it marked a 1.3% decline. At the same time, the weekly RSI indicates that more turbulence could be in store in the short term. As certainty still holds a firm grip on the market, selling activity is impeding the Shiba Inu price from breaking out of the trading range.