Activities on Shiba Inu’s L2 blockchain Shibarium gain momentum, with daily transactions hitting 3,000,000 (3 million).
The official X handle of Shiba Inu has called attention to the significant growth in Shibarium’s daily transactions. In a post yesterday, Shiba Inu’s X handle revealed that the number of daily transactions on the network is approaching 3 million. It added a photo from the network’s explorer to corroborate its claim.
Approaching 3 million transactions… and the day isn’t over yet! Wishing the ShibArmy an amazing week ahead. Check out the latest Shibarium activity at https://t.co/8ttFbBwkrF pic.twitter.com/Hwe9pzpg9q
— Shib (@Shibtoken) February 19, 2024
At the time of the post, Shibarium had successfully processed 2.44 million transactions with some hours left before the close of the day.
Shibarium Daily Transactions Hit 3M
The Crypto Basic confirmed hours after the team shared the update that Shibarium finally hit the coveted target of 3 million daily transactions. The network’s daily transactions stood at 3M at press time, bringing the total transactions to 360.09 million.
The development comes weeks after the network’s daily transactions plunged to around 1.07 million. The increase in Shibarium’s activities echoes similar instances where the network’s daily transactions surged toward the end of 2023 to around 7.5 million transactions.
Recall that during the early phase of Shibarium’s mainnet launch, the network saw an average of 200,000 transactions daily. Shibarium’s transactional activity later gained momentum in December, as the stat hovered between 5 and 8 million.
Since its launch, Shibarium has recorded over 1.35 million wallets and more than 3.26 million blocks, with total user accounts standing at 64,305.
Can SHIB Replicate Its December Performance?
Meanwhile, community members expect the recent surge in Shibarium network activity to positively impact the prices of Shiba Inu ecosystem tokens, especially SHIB.
In December, when Shibarium’s daily transactions averaged 7 million, the price of SHIB also soared from $0.00000850 to a monthly high of around $0.00001115, marking an increase of 31.17%.
It is uncertain whether SHIB can replicate its December performance in the coming days following a spike in Shibarium’s transactional activity.
SHIB was changing hands below the coveted $0.00001 price at the time of writing. Over the past two weeks, the token has surged 10.2%, moving from $0.0000088 to 0.0000098. SHIB is also up 0.5% in the past 24 hours.
Whether SHIB will replicate its December performance and surge by over 30% in the coming days remains to be seen.
However, the massive surge in Shibarium network activity will attract investors’ attention to the crypto project, thus benefiting all Shiba Inu ecosystem tokens, including SHIB.