KEY POINTS
- The Shiba ecosystem achieved a significant milestone earlier this month when Shibarium processed 100 million transactions
- Shibarium is expected to reach the 200 million transaction mark this week
- SHIB was trading in the red zone at $0.00001069 in the early hours of Tuesday
The Shiba ecosystem's layer-2 scalability solution, Shibarium, is about to reach another milestone as the total number of transactions processed approaches 200 million. As the community eagerly anticipates this achievement, an analyst reveals how Shibarium could potentially boost the price of SHIB.
The Shiba ecosystem recently achieved a significant milestone when Shibarium processed 100 million transactions. The layer-2 scalability solution, which was launched on Aug. 17 and became fully operational on Aug. 24, is expected to process 200 million transactions this week.
Currently, it has processed 191,885,353 transactions, underscoring the robust activity within the Shibarium network.
In addition to this, data from Shibarium.io shows the wallet addresses on the Shibarium network have significantly surged to 1,319,361, highlighting the ever-expanding community surrounding the dog-themed altcoin.
Since its launch four months ago, Shibarium has processed 2,313,449 blocks, while maintaining an average of 7.53 million daily transactions over the past weeks.
👀👀🐶 pic.twitter.com/cZVoFm8Lds
— techcentrik™ (@nicaIBTimes) December 26, 2023
Shibarium's latest feat is impressive considering that it surpassed the 100 million transaction mark on Dec. 14.
"Thrilled to witness the newborn Shibarium hitting 200 million transactions – a fantastic mark for 2024! The Shibarmy's resilience is unwavering, and I'm eagerly anticipating the arrival of even more outstanding projects to join us on this exciting journey. Together, we'll conquer new heights," a Shiba ecosystem and Shibarium Tech marketing specialist, who uses the X handle @LucieSHIB, told International Business Times.
Meanwhile, Bitget Research's chief analyst Ryan Lee explained that while Shibarium missed several key moments in the broader crypto market that could have impacted the price of Shiba Inu, it can still deliver on its promise if it can "attract users and developers."
"So far, the main problems with Shibrium are a lack of projects and chain instability. According to the Shibariumscan block explorer data, the Shiba Inu-launched Shibarium Layer-2 Ethereum network went live on Aug. 17 only to suddenly stop generating blocks. It was not until Aug. 24 that block generation was restored, which dealt a great blow to user confidence," Lee said.
The analyst also mentioned the lack of complete participant or developer incentives at launch, which, according to him, is the reason for the "lack of projects" on the chain and the absence of projects that users can interact with.
"Unlike the Odyssey projects of various Layer-2 chains, Shibarium did not launch with a complete participant or developer incentive. This oversight resulted in a lack of projects on the Shibarium Chain and no projects for users to interact with," Lee said in a note sent to IBT.
The Bitget Research analyst said several factors also impacted SHIB's price, which prevented its value from spiking.
"Due to the cryptocurrency trends, regulatory news, and market sentiment for the time, the price of SHIB was also affected," Lee said.
The good news is that Shibarium could still significantly impact the price of Shiba Inu.
"When the market restarted in October, the Shibarium Chain failed to create enough valuable assets. Despite the delayed launch, because of Shibarium's importance to the ecosystem, if it can fulfill its promise and attract users and developers, we may still see positive movement on SHIB's price," Lee added.
SHIB, the native cryptocurrency of the Shiba ecosystem, was trading in the red zone at $0.00001069, with the 24-hour trading volume down by 5.72% at $185.19 million as of 4:55 a.m. ET on Tuesday.
Shiba Inu's latest price action represents a 0.53% decline in its price in the last 24 hours and a 2.35% gain over the past seven days.
Data from CoinMarketCap reveals that Shiba Inu's current circulating supply stands at 589.31 trillion SHIB, with a market cap of $6.3 billion.
