Shibarium, Shiba Inu’s layer-2 blockchain, sees massive adoption, adding over 375,000 wallets in three days, addressing Ethereum’s challenges.
Shibarium’s transactions surged, hitting nearly one million in 24 hours, with a whopping 958,440 transactions, highlighting its growing ecosystem activity.
Shibarium, the layer-2 blockchain solution within the Shiba Inu ecosystem, has experienced a significant surge in adoption, marked by the addition of over 375,000 wallets in just three days. This rapid influx of new users highlights the platform’s growing popularity and its ability to address the challenges faced by users of Ethereum’s mainnet.
SHIB has experienced a remarkable surge in transaction activity. From less than 6,000 transactions on April 10, the count soared to an impressive 288,690 transactions, reflecting a growing adoption among SHIB users. The surge is a move to overcome challenges such as lower throughput.
Speculation regarding whether Shibarium’s transaction surge could bolster SHIB’s price is rife. Historical data from March 16 indicates a significant price increase eight days following a peak in transaction volume. However, expectations for a similar price rally remain cautious, with the current transaction count significantly lower than during that period.
The surge in adoption is evident not only in the increase in daily transactions but also in the growth of wallets hosted on the network. Shibarium has seen a remarkable increase in wallet addresses, surpassing 1.78 million. Community figures have noted this growth, with Clifford reporting a rise from 1.4 million to over 1.6 million wallet addresses within two days.
Uptick in Adoption
The recent uptick in adoption can be attributed to Shibarium’s ability to mitigate Ethereum’s high gas fees and slow transaction speeds. The Shiba Inu ecosystem development team introduced Shibarium last August as a solution to these pressing issues. Since then, it has gained traction among market participants dealing with ecosystem tokens like Bone (BONE), Doge Killer (LEASH), and SHIB.
The recent surge in wallet addresses can be attributed to the onboarding of multiple proponents by Shibarium-based projects. One notable example is PIKA, an ERC-50 token introduced by the WoofSwap development team. The dominance of projects like WoofSwap, contributing $1.82 million to Shibarium’s total value locked (TVL), underscores the platform’s appeal to developers and users alike.
Shibarium Transactions Surge
The surge in transaction activity on Shibarium has led to a substantial increase in transaction fees denominated in BONE, a vital token within the Shiba Inu ecosystem. From a modest collection of 10 BONE on April 10, fees have skyrocketed to an astonishing 213 BONE, marking a meteoric rise exceeding 2,000%. This surge underscores the growing interest in Shiba Inu’s ecosystem and the pivotal role Shibarium plays in facilitating decentralized transactions.
Despite this surge in activity, gas fees remain low, averaging at $0.00001, with block times averaging just 5 seconds. These statistics reflect Shibarium’s efficiency and scalability, enhancing its appeal to users seeking fast and cost-effective transactions.
Despite the surge in Shibarium transactions, the broader cryptocurrency market witnessed a downturn, impacting SHIB’s value. Currently priced at $0.000021, SHIB marked a 2.60% decline over the past 24 hours. While Shiba Inu navigates through market volatility, positive signs emerge within the meme coin landscape. Other meme coins, including Cat in a Dogs World (MEW), Dogwifhat (WIF), Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI), have experienced notable rallies.
