Shibarium, the layer-2 blockchain developed for the Shiba Inu (SHIB) meme coin, has witnessed a significant increase in transactions, reaching over 3 million. This surge has raised speculation among investors about the possibility of SHIB reaching the $0.0001 mark.
The recent milestone was celebrated by the official Shiba Inu ecosystem’s X account, which expressed optimism about even higher transaction volumes. The count started at 1 million transactions on February 16 and steadily rose to 2.44 million by February 18, eventually hitting the 3 million mark. This exponential growth in transactional activity indicates a thriving ecosystem and increased engagement within the Shiba Inu community. Additionally, the number of wallets participating in Shibarium has grown to 1,361,501, indicating wider adoption and participation in the platform.
This surge in Shibarium’s activities follows a period of decreased daily transactions, with a dip to around 1.07 million. Therefore, the current spike in transactions is particularly remarkable. Similar instances of heightened activity were observed in mid-December, with daily transactions reaching a peak of around 7.5 million. It is worth noting that during Shibarium’s mainnet launch, the network witnessed an average of 200,000 transactions daily, which has since seen exponential growth.
Notably, Shibarium’s daily transactions have now reached 4.21 million, according to the latest data. Additionally, DeFiLlama data indicates a surge in Shibarium’s Total Value Locked (TVL), surpassing the $1 million milestone earlier this month. These achievements align with the community’s efforts to expand the token’s ecosystem, particularly with the anticipation surrounding SHEboshis Non-Fungible Tokens (NFTs) and KNINE utility tokens.
Lucie, Shiba Inu’s content specialist, has hinted at upcoming developments, outlining the team’s vision for the Shibarium ecosystem between 2024 and 2025. This roadmap places a strong emphasis on enhancing Decentralized Application (dApp) utilization and forming strategic partnerships to drive growth. These initiatives are expected to strengthen Shibarium’s gas token, BONE, and support the ongoing SHIB burn campaign.
The recent surge in Shibarium network activity has also sparked optimism among community members regarding the price of SHIB. Historical data shows that when Shibarium’s daily transactions averaged 7 million in December, the price of SHIB experienced significant gains, surging from $0.00000850 to a monthly high of around $0.00001115, representing an increase of 31.17%.
Currently, SHIB is trading below $0.00001 at $0.000009547, with a market capitalization of $5.5 billion. However, over the past two weeks, the meme coin has shown a 10.2% surge, moving from $0.0000088 to $0.0000098. Analysts are closely monitoring a potential breakout from a cup and handle chart pattern, with projections suggesting a surge of over 21% if accompanied by strong volume.
Analyst Ali Martinez has identified a buy signal on the Shiba Inu chart, suggesting a potential upswing to $0.011, representing an extraordinary rally of 112,259% from its current price.