- Shibarium surpasses 3 million transactions, reflecting an increase in usage and acceptance within the Shiba Inu community.
- The growth in transaction volume and expansion of users anticipates a positive effect on the price of SHIB.
Shibarium, the layer 2 network for the Shiba Inu cryptocurrency (SHIB), has recorded significant progress, showing an increase in usage and user participation. The network surpassed 3 million transactions recently, indicating intense activity and acceptance by the community.
In just two months, Shibarium has experienced remarkable growth in activity, reflecting interest and confidence in its value.
Effect of Increased Shibarium Transactions on SHIB Price
The network has seen an exceptional increase in daily transaction volume, reaching 3 million. This volume is the highest since January 28, with rapid growth from 1 million transactions on February 16 to reach 3 million. In addition, the number of wallets interacting with Shibarium has grown to 1,358,320, indicating more widespread adoption of the platform.
Approaching 3 million transactions… and the day isn’t over yet! Wishing the ShibArmy an amazing week ahead. Check out the latest Shibarium activity at https://t.co/8ttFbBwkrF pic.twitter.com/Hwe9pzpg9q
— Shib (@Shibtoken) February 19, 2024
The Shiba Inu community has celebrated this achievement, showing optimism for reaching even higher transaction volumes. “We’re approaching 3 million transactions…. and the day is not over yet! We hope the ShibArmy has a great week,” shared from the official Shiba Inu X (Twitter) account.
According to DeFiLlama’s data, there has been an increase in Shibarium’s Total Locked Value (TVL), surpassing $1 million earlier this month.
These achievements are in line with the Shiba Inu community’s efforts to expand the reach of the token, where the expectation for SHEboshis NFTs and KNINE utility tokens has been instrumental in the recent development of the Shiba Inu environment.
Investors and followers are paying attention to how these developments will affect the price of Shiba Inu (SHIB). Currently, SHIB is close to a major climb, following the cup and handle chart pattern.
If this rally is confirmed on consistent volume, SHIB’s value could rise more than 21%, having a chance to reach its December 2023 highs at $0.00001195.
Conversely, if SHIB fails to break above resistance at $0.00001004, it could return to the support level at $0.00000946.
This is a defining moment for Shibarium and the broader Shiba Inu community. AsShibarium continues to prove its worth, a promising future is anticipated for the platform and for the cryptocurrency that motivated its creation .
Each transaction on Shibarium not only advances towards wider acceptance, but also strengthens SHIB’s position as an asset of interest on the global cryptocurrency scene.
