- Shibarium, Shiba Inu’s layer-2 platform, experiences a surge in transactions following support from the major crypto exchange, Gate.io.
- The Shibarium network has shown robust growth since its launch, with the BONE token witnessing a 7% increase amid broader market declines.
A Leap in Transaction Volume for Shibarium
Shibarium, the layer-2 solution built on the Shiba Inu blockchain, has witnessed a significant uptick in daily transactions, a development coinciding with the announcement of support from the prominent cryptocurrency exchange, Gate.io. This move marks a substantial milestone in the platform’s journey towards broader adoption and utility in the cryptocurrency market.
Gate.io’s Endorsement Fuels Momentum
The introduction of Shibarium support on Gate.io has simplified the process for users to purchase and transfer BONE, the native token of Shibarium, through the exchange. This enhancement has been well-received within the Shiba Inu community, as highlighted by Lucie, a key member of the Shiba Inu team, who applauded Gate.io for this initiative. The integration by Gate.io, a major player in the crypto exchange arena, represents a significant vote of confidence in Shibarium’s technology and potential.
Now, easily purchase and send Bone to #Shibarium through Gateio. Appreciate this 👏
Thank you pic.twitter.com/TOjYOXe42k
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium ⛓️ (@LucieSHIB) January 15, 2024
Shibarium’s Growing Network Metrics
Since its launch in August 2023, Shibarium has shown consistent growth in its network metrics. The platform has now surpassed a total of 285 million transactions, a testament to its increasing usage and adoption. Additionally, the number of wallet addresses on Shibarium has reached over 1.33 million, with total blocks mined standing at 2.65 million, reflecting the expanding community and activity on the network.
BONE Token Reacts to Market Developments
In the midst of these developments, BONE ShibaSwap, the designated gas token for the Shibarium layer-2 platform, has shown a remarkable 7.02% increase in its value over the last 24 hours. This positive price action occurs against a backdrop of broader market declines, underscoring the market’s optimistic reaction to Shibarium’s advancements and Gate.io’s support.
Shibarium’s Future Outlook
The recent increase in Shibarium’s transaction volume from 1.16 million to 1.97 million in just 24 hours points to a growing interest and confidence in the platform’s capability and future potential. With its strong performance and the backing of influential crypto exchanges like Gate.io, Shibarium is poised to play a significant role in the layer-2 ecosystem, offering enhanced scalability, efficiency, and utility for Shiba Inu token holders and the wider crypto community.
In conclusion, the endorsement of Shibarium by Gate.io and the subsequent surge in transactions represent a pivotal moment for the Shiba Inu layer-2 platform. This development not only boosts Shibarium’s credibility but also signals its rising importance in the cryptocurrency landscape, providing a robust, scalable solution for transactions and applications within the Shiba Inu ecosystem. As Shibarium continues to evolve and gain traction, it stands as a testament to the dynamic and ever-evolving nature of blockchain technology and decentralized finance.