Shiba Inu (SHIB) Reaches Another Bullish Milestone: Details

TL;DR

• Shiba Inu’s layer-2 scaling solution, Shibarium, recently surpassed 3.5 million total transactions and 1.2 million total blocks less than two months after its launch.
• There was a 45% reduction in new daily transactions and the number of active accounts decreased from 789 to 584 within a 24-hour period. Shibarium’s Marketing Strategist believes initial “hype” investors have moved on.
• Shibarium’s development is viewed as crucial for Shiba Inu’s price. However, despite its success, SHIB’s value has decreased by around 5% over the past 14 days and 6% in the last month.

Shibarium Marches Forward

Shiba Inu’s layer-2 scaling solution keeps smashing milestones less than two months after seeing the light of day. Most recently, the network’s total transactions exceeded 3.5 million, whereas the number of total blocks topped 1.2 million.

Despite the aforementioned bullish factors, some figures have been on a downfall for the past 24 hours. The number of new daily transactions has plunged by 45%, while the active accounts have dropped from 789 on October 16 to 584 the following day. 

According to Shibarium’s Marketing Strategist – LUCIE, the blockchain solution initially attracted “hype” investors who were “merely seeking a quick pump.” They assumed that such participants had moved on, encouraging “serious” investors to consider entering the ecosystem.

Those willing to learn more about Shibarium’s launch, purposes, and specifics could take a look at our dedicated video below:

SHIB Depends on Shibarium’s Development 

Some analysts have claimed that the further advancement of the L2 scaling solution is among the most important elements that could drive Shiba Inu’s valuation up. Others include mass adoption, favorable market sentiment, regulatory clarity, and more.

Despite Shibarium’s success, SHIB has failed to record any substantial gains lately. Moreover, it is down approximately 5% for the past 14 days and over 6% on a monthly basis (per CoinGecko’s data).