Shibarium Nears 300 Million Transactions: Is Shiba Inu (SHIB) Ready to Break Out?

9 months ago 2

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The transaction count on Shiba Inu’s layer-2 blockchain Shibarium is approaching the crucial milestone of 300 million.

The latest data from ShibariumScan reveals that the number of transactions on the blockchain stands at an impressive 297 million, spanning 2.7 million blocks.

Shibarium Transactions Reflects Growth

As of September 2023, Shibarium had completed a modest 3 million transactions. However, the latest figures reveal a staggering surge of over 9,000% in transaction volume within four months. The network has been integrated with major cryptocurrency players such as Gate.io, further propelling its growth.

This achievement is particularly noteworthy considering the trend of declining daily transactions on Shibarium. Currenly, Shibarium records 1.96 million daily transfers, marking a decrease from the consistent two million-plus level observed over the past week.

Notably, its volume peaked in December, reaching an average of more than 7 million daily transactions.

Despite its impressive transaction volume, on-chain data from DeFiLlama shows that Shiba Inu’s Shibarium total value locked (TVL) is around $833,000.

SHIB Reverses Trend, Sees Positive Movement

This noteworthy network growth coincides with a substantial trandfer from a wallet reportedly linked to Justin Sun, the founder of Tron. LookOnChain said the wallet withdrew assets totaling $4.47 million from Binance, including 79.33 billion SHIB valued at approximately $752,000.

The arket sentiment often turns bullish when investors initiate withdrawals from exchanges. Such actions signal a reluctance to part with digital assets, indicating a strong commitment to holding positions.

Indeed, the SHIB token experienced a noteworthy reversal, recording gains in the last 24 hours following recent losses. According to pricing data from BeInCrypto, SHIB’s price currently trades around $0.00000946, reflecting a 2.3% uptick within the past 24 hours.

This positive movement marks a significant shift from the previous downward trend. Over the past seven days, the token declined 3.8%. Furthermore, it registered an 8.2% drop in the last 30 days and a 17.5% decrease over the past year. Despite this price action, the current uptick suggests a potential breakout for the token.