Shibarium, the Shiba Inu Ethereum Layer 2 network, has been ramping up in the last few weeks. The rapid rate of adoption has led to a rise in the number of transactions being carried out on the network on a daily basis, leading to a new milestone.
Over 90 Million Transactions Carried Out On Shibarium
According to data available from ShibariumScan, the total number of transactions carried out on the Shiba Inu Layer 2 network has now crossed the 90 million mark. This comes after multiple days of over 6.5 million transactions being recorded on the network on a daily basis.
Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the Shibarium network. At the same time, there has also been an uptick in the growth rate of accounts on the network. It went from trending around 30,000 at the end of November to over 54,000 just two weeks into December. This represents a growth rate of almost 100% in the accounts on the network.
Source: ShibariumScan
Active accounts also followed a similar trajectory as the daily transactions, reaching a new all-time high of 9,339 on December 5. However, this metric seems to be undergoing a full retracement after falling to 3,232 on December 10. It means that users are starting to scale back their activity on the network.
The number of new accounts created in a single day also touched a new all-time high in December. Data shows it reached 4,456 on December 3, and then 4,399 on December 5. But just like the active accounts metric, new accounts created on the network have dropped approximately 92% to just 368 by December 10.
SHIB price tumbles to $0.0000096 | Source: SHIBUSD on Tradingview.com
Can This Trigger A Shiba Inu Rally To $0.0001?
While the growth rate of the Shibarium network is no doubt good for Shiba Inu, it is doubtful that it will have any significant impact on the price. This is because Shiba Inu is only the governance token of the network while BONE is the main utility token. So the network’s growth is likely to have a direct impact on the price of BONE rather than SHIB.
As for SHIB reaching the $0.0001 price target, market experts at Telegoan have said that it may reach this mark in the year 2025. They also believe that the meme coin could rise as high as $0.000728 in the same year if market conditions are right.
In the short term, an expected $1 million worth of burns may be what ends up propelling the meme coin’s price. Shiba Inu lead dev Shytoshi Kusama confirmed that the over $1.2 million accumulated from BONE fees on the Shibarium network may be used to burn SHIB. As the SHIB supply reduces, the token’s value is expected to rise.
Featured image from The Block, chart from Tradingview.com
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