Shibarium transaction volume exceeds $1 billion, Shiba Inu price expected to break through

Shiba Inu prices are in the spotlight, with Shibarium’s transaction volume crossing the 1 billion mark.

Shibarium’s transaction volume has finally crossed the 1 billion mark.

Ethereum L2 achieved this milestone less than 2 years after its mainnet launch.

As SHIB investors hit all-time highs, Shiba Inu prices are also showing bullish momentum.

Shibarium, Shiba Inu’s Layer-2 blockchain running on Ethereum, has reached a major milestone. According to Shibariumscan, the network has exceeded 1 billion transactions in less than two years of deployment.

This major milestone shows the network’s continued growth in the cryptocurrency market. Many experts are speculating on its possible impact on Shiba Inu prices.

Shibarium’s transaction volume breaks 1 billion, hitting a new all-time high

Data shows that the number of transactions in Shibarium officially broke the 1 billion mark on March 31, and interestingly, this happened 593 days after its official launch on August 16, 2023.

It is worth mentioning that this latest breakthrough makes Shibarium one of the fastest growing blockchain networks in Web3. Its 1 billion transaction milestone is in stark contrast to Bitcoin, which took 15 years to reach the same transaction volume. In line with recent developments, the blockchain has maintained an impressive daily transaction volume. It recently processed up to 4 million transactions in a single day.

Data from Shibariumscan shows that the network has also produced 10,233,246 blocks while maintaining a stable block time of 5 seconds. Moreover, nearly 194 million unique wallet addresses have interacted with the network since its launch. This indicates that Ethereum L2 has seen widespread adoption in the digital asset market.

As reported by Coinspeaker, Shibarium encountered a 2024 network outage that affected its performance. Despite this, the protocol continues to operate effectively, solidifying its position as a major layer 2 solution. Many experts believe that the blockchain’s ability to handle high transaction volumes has played a key role in its growing popularity.

However, recent reports show that the network has seen some fluctuations in user activity. For example, while Shibarium has 248,608 accounts, only 917 of them were active over the past day. This is a significant drop of 89% from 8,346 active users the day before.

Will this push SHIB price higher?

After the trading milestone was announced, the Shibarium price rose by 5.92%. As of this writing, the SHIB price is $0.00001290 with a market cap of $7.6 billion. SHIB investors are watching the market closely to see if further positive price action will occur.

Historically, blockchain development has driven the value of tokens higher. This new high has sparked speculation that the Shibarium price could breakout.

Specifically, the strength of a blockchain is often tied to its adoption rate. That’s why many experts believe that as Shibarium continues to develop, demand for SHIB could increase, especially if network participation remains high.

Market conditions are unclear, and SHIB price largely depends on what happens in the broader cryptocurrency market. Now, traders are watching closely to see if the SHIB price rebound can be sustained.

If high trading volumes lead to more people using Shibarium, investors may become more interested in SHIB. However, if active accounts continue to drop sharply, this could temporarily curb SHIB's growth.