Shibarium Hits 1M Wallets, 125k Daily Transactions in 9 Days

Shibarium, the layer-2 solution of the Shiba Inu ecosystem, has been breaking records since its relaunch. Surpassing 1 million transactions and hosting over 1.1 million wallets within eight days, the network marks daily transactions at 125k. 

Shibarium Rise Post-Relaunch

Only nine days after its relaunch, Shibarium is making headlines, with its explorer, Shibarium Scan, reporting over 1 million transactions. Moreover, the network’s daily transactions have touched a noteworthy 125k mark.

Last week, the Shibarium network crossed the 1 million wallet threshold, indicating a rapid user adoption rate compared to other mainstream crypto networks like Cardano and XRP Ledger. Consequently, this explosive growth showcases the network’s resilience and potential following its initial technical setbacks. 

Source: Shibarium Scan

Impact on the Shiba Inu Ecosystem

Despite the stellar transaction growth and user adoption, the Shiba Inu tokens (SHIB and BONE) have yet to experience an equivalent surge in value. According to CoinGecko data, the price of SHIB has fallen slightly over 20% since its initial launch on August 16. 

However, Shiba Inu (SHIB) has recovered after establishing support at $0.000007435 in the last 24 hours. At press time, SHIB bulls had negated the bearish hand, with Shiba Inu price exchanging hands at $0.00000768. 

 In contrast, BONE’s price has hit its 7-day low in the last 24 hours, dipping from a high of $1.05 to a low of $0.9864 before recovering slightly to $1.01. 

SHIB/USD 1-day chart

Significantly, the Total Value Locked (TVL) on Shibarium stands at $1.06 million, suggesting that users are cautiously locking capital. However, crypto influencer and analyst Jane Doe noted,

“The numbers can’t be ignored. Shibarium’s rapid user adoption and high transaction count indicate underlying strength and should not be underestimated.”

Additionally, the Shibarium team is in talks with third-party bridges to facilitate the transfer of other tokens onto its network. With plans to add more validators and to decentralize its governance token, Bone (BONE), the Shibarium network is laying the infrastructure for future scalability and security.

Although the Shiba Inu tokens have yet to reflect the network’s success, Shibarium’s accelerated growth is a robust indicator of its influence and potential in the broader crypto market. As the web matures, it will be interesting to observe whether this momentum translates into increased token value and broader market impact.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.