Shibarium, the layer-2 blockchain solution for Shiba Inu (SHIB), has hit a significant milestone. As the world marks Christmas Day, Shibarium soared past 700 million transactions. This refers to the total number of transactions carried out using the protocol.
Shibarium’s transaction growth
According to Shibariumscan, the total transactions recorded now stand at 702,299,255. The protocol has an average daily transaction of 4.51 million. These figures come from the 2,021,932 wallet addresses on the blockchain.
Shibarium’s new transaction milestone is notable, given that the ecosystem officially launched in August 2023. To have achieved that level of transaction volume in less than 18 months signals strong user engagement from the community. Additionally, growth came within a week of an earlier U.Today report signaling the milestone.
Other notable developments on the protocol include launching a new user interface to improve compatibility with renowned self-custody wallets such as Coinbase Wallet, Trust Wallet and MetaMask.
The protocol’s primary focus involves fostering the development of the SHIB ecosystem by reducing transaction costs, enhancing scalability and improving speed. These goals might have contributed to the recent milestone in transaction volume.
Worthy of mention is Shibarium’s upgrade, which allows developers in the community to achieve faster block processing time.
Analysts’ outlook on SHIB momentum
Interestingly, this more than 700 million transaction milestone coincides with an uptick in the price of Shiba Inu.
As of this writing, SHIB is exchanging hands for $0.00002305, up by 3.52% in the past 24 hours. Investors’ confidence remains high and bullish, with market volume up by 15.78% to $707.72 million.
Despite bullish sentiment, SHIB achieved this price uptick at a huge cost of over seven million SHIB sent to dead wallets. According to data from Shibburm, in the last 24 hours, 7,309,654 SHIB tokens have been incinerated to manage supply and price value.
Analysts opine that if SHIB sustains the current momentum, a substantial rally might happen for the dog-themed meme coin.
