Shibarium, the layer-2 solution for Shiba Inu, is nearing the 4 million transaction milestone. It has gained momentum and become the preferred method for both SHIB whales and retail investors. The network has seen strong growth, with 3.81 million transactions and 1.26 million wallet addresses. Whales have also increased their activity, leading to a 45% jump in large transaction volume. The development of Shibarium and positive news surrounding it have a positive impact on the price of SHIB, with the potential for further growth.
Our analysis of the situation
Shibarium, the groundbreaking layer-2 solution, has been making waves since its launch, experiencing unparalleled adoption and growth. With its impressive momentum, Shibarium has become the go-to platform for both SHIB whales and retail investors to buy and sell SHIB tokens.
In a testament to its success, Shibarium has been named one of the best-performing networks this month by esteemed blockchain node provider, NOWNodes. This achievement is backed by the staggering statistic of 66 million processed requests to Shibarium. In a remarkably short span of less than three months, the platform is now on the verge of reaching a remarkable four million total transactions, showing no signs of slowing down.
A quick glance at Shibariumscan's data reveals that the current total transaction count stands at an impressive 3.81 million, with 1.51 million blocks mined. Additionally, the platform has experienced a surge in daily transactions, reaching a staggering 13,700 in the past 24 hours. It's worth noting that the number of wallet addresses on Shibarium has recently surpassed 1.26 million, amplifying the platform's popularity and reach.
A notable development in the Shiba Inu ecosystem has been the increasing activity of SHIB whales. According to statistics from IntoTheBlock, there has been a substantial 45% rise in large transaction volume, amounting to a whopping $46.12 million as we bid farewell to October. It seems the whales are making quite the splash in the SHIB waters.
With each milestone and achievement, the price of SHIB experiences a ripple effect. As Shibarium edges closer to the four million transaction milestone, excitement builds, and SHIB's price tends to reflect this positive sentiment. At the time of writing, SHIB is trading at $0.000008154, with only 22.14% of holders currently enjoying a profit.
Crossing the four million transaction milestone could potentially ignite another hype wave within the Shiba Inu ecosystem, even if temporarily. Such an event could propel Shiba Inu beyond its current resistance level of $0.0000082 and towards its impressive August high of $0.00001072.
As more SHIB holders discover the numerous benefits Shibarium offers, such as lower fees and faster transaction speeds, the rate of adoption will undoubtedly skyrocket. Moreover, recent advancements, including the introduction of a naming service by SHIB's lead developer, Shytoshi Kusama, to simplify Shibarium addresses, signify an encouraging start towards sustained price growth.
While it may seem far-fetched to envision SHIB reaching the $0.1 price point at this moment, crucial milestones like Shibarium's development and upgrades provide a solid foundation for optimistic growth.
In conclusion, Shibarium's burgeoning success and imminent four million transaction milestone promise even greater advancements for the Shiba Inu ecosystem. With its rising popularity among both whales and retail investors, along with promising developments, Shibarium is shaping up to be a force to be reckoned with. Stay tuned for more thrilling updates on the journey to the moon with SHIB.
[Featured image courtesy of Pexels]
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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