Shibarium Reaches 1 Million Wallets, Is SHIB Price Due for a Recovery?

 Key takeaways

• Shibarium has surpassed another key milestone, reflecting widespread demand for the new layer-2 scalability solution during its opening weeks
• More than 1.12 million unique wallet addresses are active on Shibarium and 1.3 million transactions have now been processed by the blockchain
• CoinCodex price prediction algorithm expects major breakout for the native SHIB token in the next 12 months

Shibarium proving popular after initial launch hiccup, now supports 1.12 million unique addresses

Shiba Inu (SHIB) has reached another major milestone, revealing in a recent blog post that more than 1 million unique wallet addresses have signed up to the blockchain since the initial launch of Shibarium back in August.

This follows a series of early successes, including the network processing 350,000 transactions in its first 2 weeks. The project has extended an invitation to developers to get their smart contracts verified as it hopes to promote Shibarium-based projects to new users directly. In the past week alone, the number of verified smart contracts on Shibarium has risen 596%.

Shibarium’s recent successes follow a disastrous launch in which the network was forced to switch off for a period of 2 days. However, the development team was able to quickly re-launch the blockchain and the growth in Shibarium activity has been nothing short of explosive ever since.

Shibarium activity, showing no new blocks processed on 17th and 18th August, via Shibariumscan

Shibarium now has 1.12 million unique wallet addresses. Shibarium has also now processed 1.3 million transactions, with 99.97% of these transactions taking place after the re-launch. The average transaction fee for Shibarium users is thought to be $0.02 — a major improvement on Shiba Inu’s previous average transaction fee of $4.89.

Cumulative transactions on Shibarium, via Shibariumscan

Algorithm predicts 10% gain for SHIB, but when will it break out?

The 1-Month SHIB price prediction targets a move back to the 55 Daily EMA at the $0.0000084 price level. In total, the algorithm expects SHIB to climb 10.05% by 8th October 2023.

The SHIB token has managed to find strong support in the $0.0000073 to $0.0000085 range. It has spent nearly 2 years above this price level, only dropping below on one occasion — in June 2023.

The launch of Shibarium has now injected fresh optimism into the project, with Shiba Inu users being able to enjoy more efficient transactions with lower gas fees. The project has also recently announced a new partnership with Alpha Transform Holdings and looks set to target global growth with the aid of a highly experienced team of advisors.

Over time, SHIB is expected to break out from its current range and target higher price levels on its way back to all-time high. The CoinCodex algorithm expects the key breakout to occur in September 2024, before posting major gains on its way to $0.00000592 in October of the same year.

2025 price prediction for Shiba Inu (SHIB), via CoinCodex

Bottom line

Sentiment surrounding Shiba Inu has been overwhelmingly positive in recent weeks, despite a botched launch for Shibarium during its opening few days. Since then, the network has seen a major increase to the level of adoption — supporting 1.12 million active wallet addresses and processing 1.3 million total transactions.

The CoinCodex price prediction algorithm expects the SHIB token price to reflect the positive project developments soon enough. While the token may take some time to break out of its long-term range, the algorithm forecasts a major move to occur in the next 12 months.

To learn more about the long-term Shiba Inu price prediction, check out the Shiba Inu price prediction for 2040 and 2050 here.