The number of transactions on the Shiba Inu layer 2 Shibarium blockchain is approaching the crucial milestone of 300 million.
The latest data from ShibariumScan reveals that the number of transactions on the blockchain stands at 297 million, spanning 2.7 million blocks.
Shibarium transactions reflect growth
As of September 2023, Shibarium has completed a modest 3 million transactions. However, the latest figures reveal a staggering increase of over 9,000% in transaction volume in four months. The network has integrated with major players in the cryptocurrency space such as Gate.io, further fueling its growth.
This achievement is especially noteworthy given the trend of declining daily transactions on Shibarium. Currently, Shibarium is recording 1.96 million daily transfers, which is a decline from the steady level of over 2 million observed over the past week.
Notably, its volume peaked in December, averaging more than 7 million daily transactions.
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Despite the impressive transaction volume, on-chain data from DeFiLlama shows that the Shiba Inu’s total value locked (TVL) Shibarium is around $833,000.
SHIB is reversing the trend and experiencing positive movement
This remarkable growth of the network coincides with a major transfer of a wallet said to be linked to Justin Sun, the founder of Tron. LookOnChain He said The wallet withdrew assets totaling $4.47 million from Binance, including 79.33 billion SHIB worth approximately $752,000.
Market sentiment often turns bullish when investors initiate withdrawals from exchanges. Such actions indicate an unwillingness to part with digital assets, indicating a strong commitment to holding positions.
In fact, the SHIB token has seen a notable reversal, recording gains in the last 24 hours following recent losses. According to pricing data from BeInCrypto, SHIB’s price is currently trading at around $0.00000946, reflecting a 2.3% rise over the past 24 hours.
This positive move represents a significant turnaround from the previous downtrend. Over the past seven days, the token has fallen by 3.8%. Moreover, it registered a decline of 8.2% over the past 30 days and a decline of 17.5% over the past year. Despite this price action, the current rally indicates a potential breakout of the token.
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