Shibarium Records 20M Transactions in Three Days as Adoption Skyrockets

As the crypto market recovers, Shiba Inu’s layer-2 network has seen a remarkable increase in user activity. 

The Shiba Inu ecosystem welcomed several major releases during the bear market, notably including the Shibarium layer-2 network. Like other Ethereum-based layer-2s, Shibarium enables users to enjoy faster transactions and cheaper fees.

Following its launch in August, Shibarium recorded significant milestones, such as processing three million transactions within a few weeks. Yet, the initial adoption phase gradually slowed as the total value locked on Shibarium-based DeFi protocols dropped in October.

However, the return of the cryptocurrency bull market has seen Shibarium record increased usage. In the past three days, the network has recorded over 20 million transactions, a figure that is significantly more than the 3.3 million seen within its first eight weeks.

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According to data from Shibariumscan, the layer-2 network has handled over 7.8 million transactions in the past 24 hours leading up to press time. On December 1 and 2, the network handled 5.1 million and 7.4 million transactions, respectively. Notably, the substantial rise began in early December, with the network averaging less than 50,000 transactions in the past 30 days before the recent spike.

Is Shibarium Positioned for the New Bull Run?

With the cryptocurrency market evidently in a bull market since the start of this year’s last quarter, Shibarium’s increased adoption catches the eye of SHIB enthusiasts. Improved market activity typically results in greater demand for block space and generates considerable demand for efficient layer-2s such as Shibarium.

SHIB enthusiasts will hope that the network is ideally positioned to handle any demand influx as it did at the start of December. With Shibarium usage directly tied to SHIB burns and also linked to BONE tokens used for governance, the layer-2 network may catalyze SHIB to thrive in a bull market.

In the meantime, SHIB is enjoying mild growth as the broader crypto market rebounds. The token has gained 14% in the past month, hitting a high of $0.0000094 and trading at $0.0000089 at the time of writing. Over the same timeline, Shibaswap (BONE) has gained 8% at trades around $0.74 at press time.