Shibarium, Shiba Inu’s Layer-2 scaling solution, nears a major milestone of 5 million blocks.
The achievement underscores consistent growth and a robust blockchain ecosystem.

According to the Shibarium explorer, the blockchain is close to reaching a significant milestone with nearly 5 million blocks recorded. Blocks, which store transaction data, are critical indicators of activity and growth on a blockchain.

As per today’s update from Binance, Shibarium is on the verge of surpassing 5 million total blocks, a testament to its steady development despite variable daily transaction volumes. Currently, the count stands at 4,900,607 blocks, with the milestone expected before the quarter’s end.

Although daily transactions dipped from over 1 million in the last quarter of 2023 to approximately 5,150, the overall transactions and wallet interactions suggest a flourishing network, boasting 417,549,926 transactions and 1,803,996 wallet addresses.

Enhancements and Ecosystem Expansion

Shibarium has recently integrated ShibaSwap, a prominent decentralized exchange, aiming to boost transaction volumes and user engagement. Amid the competitive Ethereum Layer-2 sector, Shibarium has enhanced its network with faster processing speeds, predictable gas costs, and increased transaction throughput following its latest hard fork. These upgrades are designed to solidify Shibarium’s market position.

Can it Propel SHIB Price to $0,00001?

Despite Shibarium’s advancements and the growing network activity indicated by significant whale transactions—147 large trades involving 1.9 trillion SHIB in the past 24 hours—the price of Shiba Inu (SHIB) has remained relatively stable. Currently, SHIB trades at $0.00002441, reflecting a 2.02% decrease over the past day, despite a 2.50% increase over the week.

CNF also highlighted that Shiba Inu: Shibarium’s Successful Hard Fork: Boosting SHIB Price and Community Sentiment. The question remains if these developments and Shibarium’s milestone can drive SHIB’s price to reach $0.00001, as the market still requires stronger support and heightened buying interest to overcome existing resistance levels.

This strategic analysis not only highlights Shibarium’s potential influence on SHIB’s price but also underscores the critical need for a stronger market backing to achieve new price thresholds.

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Filed under: Bitcoin - @ May 27, 2024 1:26 am