Shiba Inu layer 2 solution Shibarium has exploded in transactions over the past week, pushing the metric past multiple milestones in a matter of hours. The layer 2 network saw its number of transactions increase by more than 47,000% in less than a week, allowing it to successively surpass the milestones of 5 million, 10 million and 20 million. This massive increase shows that Shibarium is gaining popularity and traction, making it a strong contender among Layer 2 networks.
Shibarium sees massive increase in transactions
Shibarium enables faster transactions and lower fees, ensuring high throughput for transactions SHIB and other tokens on the Shiba Inu ecosystem. As a result, Shibarium has seen massive adoption since its launch, with momentum growing at an incredible rate. Data from Shibarium scan estimates the total number of transactions at the time of writing to be 28.5 million, with a total of 1.938 million blocks mined.
Shibarium has averaged about 13,000 daily transactions since its launch, but the number of transactions on the network ended November with a spike, increasing by 4,600%, from 16,630 transactions on November 29 to 784,230 on November 30.
This momentum continued into December, with the Layer 2 network recording millions of transactions every day. The first spike occurred in the first 24 hours of the month, when it processed 5.11 million transactions on December 1, the highest ever since its launch at the time. However, the network would quickly reach this milestone and, at the time of writing, Shibariumscan puts the number of transactions as of December 3 at 7.84 million.
Source: ShibariumScan
Improved on-chain metrics drive Shiba Inu price higher
The significant increase in transactions appears to have been reflected in the price of SHIB. This is not surprising, considering SHIB is the main token for the Shiba Inu ecosystem and has always responded to updates regarding Shibarium.
SHIB price saw a 9.5% increase in the last 24 hours as trading volume on various exchanges increased by 322.46%. BONE, another major ecosystem token used for gas fees on Shibarium, benefited the most from the increase in transactions. As a result, BONE is up 12% in the last 24 hours and 26% over a 7-day period.
SHIB and BONE are currently trading at $0.000009272 and $0.7792 respectively. A continued spike could see both cryptocurrencies reach their annual peaks from $0.00001473 and another $2.01 before the end of the year.
Shiba Inu marketing manager Lucie and other community members are currently on mission for BONE to be listed on the Binance crypto exchange. A successful listing on the stock exchange would make BONE accessible to over 120 million customers, which could lead to further price increases for the token.
SHIB price maintains tight range | Source: SHIBUSDT on Tradingview.com
Featured image of SDLC Corp, chart by Tradingview.com
