Shibarium, the Layer-2 scaling solution for Shiba Inu, is rapidly approaching a significant milestone of 5 million blocks. This achievement demonstrates consistent growth and a strong blockchain ecosystem.
The blockchain is on the cusp of surpassing 5 million total blocks, according to the Shibarium explorer. Blocks, which store transaction data, are crucial indicators of activity and growth within a blockchain.
In the latest update from Binance, it was revealed that Shibarium is expected to reach this milestone before the end of the quarter. Currently, the count stands at 4,900,607 blocks.
While daily transactions saw a slight decline from over 1 million in the last quarter of 2023 to approximately 5,150, the overall number of transactions and wallet interactions suggests a thriving network. The blockchain boasts a total of 417,549,926 transactions and 1,803,996 wallet addresses.
To further enhance transaction volumes and user engagement, Shibarium recently integrated ShibaSwap, a prominent decentralized exchange. In the competitive Ethereum Layer-2 sector, Shibarium has strengthened its network with faster processing speeds, predictable gas costs, and increased transaction throughput following its latest hard fork. These improvements are aimed at solidifying Shibarium’s position in the market.
Despite these advancements and the significant whale transactions observed, the price of Shiba Inu (SHIB) has remained relatively stable. Currently trading at $0.00002441, SHIB has experienced a 2.02% decrease over the past day, despite a 2.50% increase over the week.
It is still uncertain whether these developments and Shibarium’s upcoming milestone can propel SHIB’s price to reach $0.00001. The market requires stronger support and increased buying interest to overcome existing resistance levels.
This analysis not only highlights the potential impact of Shibarium on SHIB’s price but also emphasizes the need for a stronger market backing to achieve new price thresholds.