After overcoming initial setbacks, Shibarium, an Ethereum (ETH) layer-2 (L2) network backed by Shiba Inu (SHIB) tokens, has experienced a remarkable surge in metrics.
With over 820,000 new wallet addresses and more than 90,000 daily transactions, Shibarium has demonstrated its appeal to users seeking faster, cheaper, and more private off-chain transactions while leveraging the security of the underlying Ethereum blockchain.
Shibarium operates as a layer-2 network built on the Ethereum blockchain, aiming to enable faster, more cost-effective, and privacy-focused off-chain transactions while leveraging Ethereum’s security features.
The recent increase in Shibarium’s metrics carries significant implications for the Shiba Inu project and its native token, SHIB.
Furthermore, the growing number of wallet addresses and daily transactions within the network indicates an expanding user base and increased interest in the SHIB token.
On the same note, the rapid growth of Shibarium’s user base demonstrates its potential to enhance scalability and drive wider adoption of the Shiba Inu project. By addressing Ethereum’s scalability limitations through its layer-2 solution, Shibarium aims to improve the user experience by enabling faster and more cost-efficient transactions.
As Shibarium’s metrics continue to show positive trends, it bodes well for the future of the Shiba Inu ecosystem and the SHIB token. The network’s ability to provide faster, cost-effective, and private transactions will likely attract more users, driving adoption and strengthening the ecosystem.
Looking ahead, Shibarium is expected to play a pivotal role in supporting the growth and scalability of the Shiba Inu project.
The recent surge in Shibarium’s metrics, with over 820,000 wallet addresses and over 90,000 daily transactions, marks a significant milestone for the Shiba Inu ecosystem. As a layer-2 network built on Ethereum, Shibarium focuses on enhancing transaction speed, reducing costs, and prioritizing privacy.
This achievement is significant for the Shiba Inu project and the SHIB token, demonstrating the network’s potential for scalability, broader adoption, and continued growth. With Shibarium’s infrastructure in place, the Shiba Inu ecosystem is well-positioned to thrive in the evolving landscape of decentralized finance.
Despite recent developments, the Shiba Inu ecosystem faces some challenges, particularly its native token, SHIB, which has been affected by the overall market trend.
SHIB is trading at $0.00000783, reflecting a 2% decline over the past 24 hours. More notably, the token remains significantly below its year-to-date price, experiencing a decline of over 34%.
Of particular concern for SHIB bulls is the key support level at $0.00000762, which has been instrumental in sustaining the token’s price since July and has allowed occasional surges to $0.00001134.
However, should the market recover and resume its bullish trend, SHIB may encounter a noteworthy obstacle in the form of its 50-day Moving Average (represented by the brown line in the chart). This Moving Average could substantially challenge the token’s upward trajectory.
Featured image from iStock, chart from TradingView.com