Shibarium, the Shiba Inu Layer 2 network, has been marking milestone after milestone over the last few weeks. The initial growth spurt which some believed was temporary has proven to have more steam than expected, and now the network has reached a momentous milestone.
Shibarium Crosses 150 Million Transactions
After its initial launch, the Ethereum-based layer 2 network from the Shiba Inu team had seen a notable decline in usage. This would persist for a few months until the market began to pick back up in December again. Once this happened and the SHIB price was on a recovery trend, activity on the Shibarium network would go on to explode.
Presently, the network is celebrating one of its biggest achievements yet and that is the fact that more than 150 million transactions have now been processed on the blockchain. To put this growth rate in perspective, the total transactions processed on Shibarium on November 30 were approximately 4.8 million. However, two weeks later, on December 20, the cumulative total transactions that have been carried out on the network since launch has crossed 150 million.
This jump in the total transactions represents an over 3,000% growth in less than 30 days. Furthermore, the daily transactions carried out on the network have increased drastically as well. It went from a daily average of around 40,000 transactions per day, to an average of 7 million daily transactions in the last three weeks.
At the same time, active addresses on the network have been rising after going from an average of 500 daily to around 3,000 per day in December. But interestingly, transaction fees have remained low at this time, showing the ability of the network to handle periods of high loads.
SHIB price maintains $0.00001 | Source: SHIBUSD on Tradingview.com
Shiba Inu Price Could Jump To $0.00002
Off the back of the growth that the Shibarium network has seen, the Shiba Inu price could be looking toward another rally from here. This is because the increased activity on the network has put the Shiba Inu token on the radar of more investors as they flock around the team for updates.
Crypto analyst Ali Martinez previously identified that SHIB had been trading in a descending parallel channel. The hope for an upside from there lies in a push toward $0.000011 and SHIB has been making that push. Over the last day, the meme coin has risen by 1.6% and is slowly making this push. If the current recovery trend carries on, then the SHIB price could break above $0.000011 this week which is expected to trigger a bull rally.
The SHIB burns being carried out by the Shiba Inu team is another bullish event that could trigger a price rally. So far, around $170,000 worth of SHIB has been burned by the team with expectations of total burns reaching $1.2 million.
Featured image from Analytics Insight, chart from Tradingview.com
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