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Shibarium is almost at a new transaction milestone amid Shiba Inu’s market price uncertainty. The latest data from Shibariumscan shows the layer-2 scaling platform for Shiba Inu is now nearing a transaction count of 300 million, an exciting threshold that points to a successful and impactful rollout. With SHIB now struggling to post gains in the past month, it is only natural to ponder whether Shibarium’s eventual attainment of this transaction milestone could reverse the meme coin’s fortune, even if only temporarily.
Shibarium Nears 300 Million Transactions
Shibarium has largely been successful since it went live in August 2023, becoming the preferred platform of Shiba Inu whales and investors. In the first month, Shibarium processed more than 3 million transactions, an indication of its market fit.
The layer-2 solution particularly witnessed a flurry of transactions towards the end of 2023, pushing the total transaction count over milestones in multiple succession. In December, Shibarium averaged over 7.5 million transactions every day.
However, the daily transaction count has seen a decline in January, save for a recent integration of Shibarium by crypto exchange Gate.io. Despite the recent decline, Shibarium’s total transactions point to steady activity. At the time of writing, Shibarium’s 24-hour daily transaction stands at 2.75 million and a total of 299.4 million transactions, spanning 2.75 million blocks.
Incoming SHIB Price Surge?
As it stands, a larger part of SHIB’s utility is now tied to the adoption and use of Shibarium, and the crypto is known to react to updates regarding the Shibarium platform. SHIB has mostly traded below $0.00001 since the beginning of the year, and a 300 million transaction milestone could become a much-needed catalyst for a price surge.
Higher usage signals investor interest and faith in the ecosystem. At the same time, fees collected from transactions on Shibarium could be used to burn more SHIB, leading to an uptick in the SHIB tokens left in circulation.
SHIB market cap is currently at $5.6 billion. Chart: TradingView.com
SHIB is currently trading at $0.000009474, down by 13% since reaching $0.0000109 on January 2nd. Price action shows the crypto testing the $0.0000087 and $0.0000089 support levels throughout the month, rebounding three times. According to data from IntoTheBlock, 78.92 trillion SHIB tokens were bought between these price points, which are now acting as support
BONE, Shibarium’s gas token, also shares the same sentiment. BONE is currently trading at $0.6179, down by 18% in the past month, as part of the recent daily transaction decline on Shibarium. However, reaching a new transaction milestone could cascade into an uptick in daily transactions, which would increase BONE’s utility and trigger price growth.
Featured image from Pexels
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