Shiba Inu’s Layer-2 blockchain, Shibarium, has recorded a staggering 254% surge in new accounts in just 3 days as it garners investors and developer interest.
The recent uptick saw the total number of accounts reach 63.225K, with total addresses surpassing 1.35 million.

Shibarium, Shiba Inu’s layer-2 blockchain, has reached a new milestone that demonstrates its potential and points to a renewed interest in the project. According to data from Shibariumscan, a platform dedicated to tracking and recording Shibarium’s achievements, has shown a 254% surge in new accounts between February 1st and February 3rd.

The number of new accounts per day skyrocketed from 24 on February 1st to an impressive 61 on February 3rd. A spike in network activity could be a key indicator of price volatility, usually for the positive. However, it is important to note that unlike most blockchains, whose native token is highlighted, in this case, Shiba Inu’s SHIB, for Shibarium, the L2 blockchain has its own token, BONE.

Shibarium Rise to Fuel BONE and SHIB

Other notable developments include total addresses on the network surpassing 1.35 million, a total of 1.437 million BONE transfers, 3.012 million total blocks, and 333.481 million total transactions. These achievements are notable in the face of a bearish market and the hectic launch of the project mid-last year.

The establishment of Shibarium is in line with Shiba Inu’s goal to be greater than a memecoin. By launching a Layer-2 blockchain, the network can deploy contracts and launch blockchain-related products and applications. This builds utility and sees the blockchain compete with top networks such as Cardano, Ethereum, Solana, and Polygon.

BONE will be a primary benefactor of the interest and activity in the Shibarium network. BONE is the gas token and validator stake, and network activity will ideally drive demand for the token by users. Equally, Shiba Inu’s SHIB will ride the positive momentum to also rally.

At the time of press, SHIB is trading at $0.00000901 after a marginal decrease in the last 24 hours. On the weekly chart, the memecoin is down by nearly 1% as it falls into the fate of the bearish trend suffered by other cryptocurrencies.

With a market cap of $5.3 billion, SHIB is the 19th-ranked cryptocurrency by market cap, a rank higher than Bitcoin’s little brother Litecoin, which launched nearly a decade before Shiba Inu.

BONE, on the other hand, is exchanging for $0.5465 after a marginal drop of less than 1%. With a market cap of $125,557,180, the token is the 300th-ranked cryptocurrency. Interestingly, trading volume has increased by nearly 3% in the last 24 hours to reach $4,589,316. The volume indicates an imminent price change, possibly a turbulent price move.

As CNF reported, Shibarium has in recent weeks celebrated support from major crypto exchanges, driving interest in the project. The most recent integration is with crypto exchange Gate.io, which is the 11th-ranked crypto exchange based on spot trading.

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Filed under: Bitcoin - @ February 5, 2024 1:22 pm