Shibarium Transactions Records Massive Surge Amid Market Bounce Back

Shiba Inu blockchain solution, Shibarium has recorded an impressive surge in its daily transactions according to recent data. This development has brought excitement to the community as it represents a wave of bullish sentiment across the network. Since the launch of Shibarium in August 2023, the layer 2 blockchain network has exhibited exponential growth with the number of transactions and wallet addresses connected to it increasing daily. Shibariumscan, a dedicated Shibarium tracker, paints a clear picture of the growth trend of the network.

Deep Look into Transaction Data

In a recent development, Shibarium, an advanced blockchain platform designed to enhance the Shiba Inu ecosystem, has seen a rise in the number of transactions. According to the aforementioned tracker, the network transactions have surged by an impressive 160% over the last 24 hours.

The number of daily transactions has climbed to 562.98k at the time of writing. Even though this is still below the high of 958.5k reached on April 15, it represents a significant increase from the previous day’s record of 352.09k. Meanwhile, Shibarium’s daily transaction volume had increased by an incredible 1000% two weeks ago. According to Shibariumscan data, it increased by exactly 1082%, going from approximately 6,410 to 75,800 in a single day. Even with the tremendous increase, transaction volumes were not as high as they were earlier this year.

What is more, the Shibarium network now has a total transaction of over 417 million. The increase in total transactions and significant surge in daily transaction volume underscores Shibarium’s position in the layer 2 ecosystem. Additionally, the total number of blocks mined now rests at 4.2 million with over 1.7 million wallet addresses connected to the network.

Other important performance metrics on the Shibarium network have remained stable, despite the daily changes in transactions observed on the L2. Interestingly, consumers’ enthusiasm for the network has not been altered by the disturbances.

Shiba Inu (SHIB) Price Reaction

The rise in transaction volume of Shibarium looks to have had an immediate effect on the price of the token. According to data from CoinMarketCap, Shiba Inu (SHIB) is currently trading at $0.00002259 signifying a 1.55% increase in the last 24 hours. Shiba Inu’s trading volume, however, has slumped by 21.4% to $482.9 million over the last day with a live market cap of $13.3 billion.

As the Bitcoin halving is approaching, investors are expecting a border crypto market uptrend which will potentially shoot the prices of tokens to new highs. Will Shiba Inu be one of the benefactors of the hype? Only time will tell.