Shibarium, the layer-2 blockchain solution within the Shiba Inu ecosystem, has witnessed a massive surge in adoption, with the addition of more than 375,000 wallets in just three days. This influx of new users highlights the platform’s increasing popularity and its ability to address the challenges faced by Ethereum’s mainnet users.
The transaction activity on Shibarium has also experienced a significant surge, reaching nearly one million transactions in 24 hours, with an impressive count of 958,440 transactions. This surge in transactions reflects the growing adoption of Shibarium and its ability to overcome challenges such as lower throughput.
There is speculation about whether this surge in transactions on Shibarium could impact the price of SHIB. Historical data from March 16 shows a substantial price increase eight days after a peak in transaction volume. However, expectations for a similar price rally remain cautious, as the current transaction count is significantly lower than during that period.
The surge in adoption is not only evident in the increase in daily transactions but also in the growth of wallets hosted on the network. Shibarium has seen a remarkable increase in wallet addresses, surpassing 1.78 million. Community figures, such as Clifford, have reported this growth, noting an increase from 1.4 million to over 1.6 million wallet addresses within two days.
The recent uptick in adoption can be attributed to Shibarium’s ability to address Ethereum’s high gas fees and slow transaction speeds. Shibarium was introduced by the Shiba Inu ecosystem development team last August as a solution to these issues. Since then, it has gained traction among market participants dealing with ecosystem tokens like Bone, Doge Killer, and SHIB.
The increase in wallet addresses can be attributed to the onboarding of multiple proponents by Shibarium-based projects. One notable example is PIKA, an ERC-50 token introduced by the WoofSwap development team. The dominance of projects like WoofSwap, contributing $1.82 million to Shibarium’s total value locked (TVL), highlights the platform’s appeal to developers and users.
The surge in transaction activity on Shibarium has led to a significant increase in transaction fees denominated in BONE. From 10 BONE on April 10, fees have skyrocketed to 213 BONE, marking a rise of over 2,000%. This surge emphasizes the growing interest in the Shiba Inu ecosystem and the crucial role played by Shibarium in facilitating decentralized transactions.
Despite the surge in activity, gas fees on Shibarium remain low, averaging at $0.00001, with block times averaging just 5 seconds. These statistics demonstrate Shibarium’s efficiency and scalability, making it an attractive option for users seeking fast and cost-effective transactions.
While Shibarium transactions have surged, the broader cryptocurrency market has experienced a downturn, impacting the value of SHIB. Currently priced at $0.000021, SHIB has seen a decline of 2.60% in the past 24 hours. However, positive signs emerge within the meme coin landscape, as other meme coins like Cat in a Dogs World, Dogwifhat, Dogecoin, Pepe, and Floki Inu have witnessed notable rallies.