As a crypto investor with some experience under my belt, I’ve seen my fair share of market fluctuations and project developments. The recent surge in new accounts on Shiba Inu’s layer-2 scaling solution, Shibarium, has piqued my interest, as it suggests an increasing community involvement and potential for higher levels of activity. However, the sharp decrease in daily transactions on the network is a cause for concern, especially since SHIB‘s price correction has been in line with the broader market decline.
TL;DR
- L2 scaling solution Shibarium saw one indicator surging by over 860%, indicating rising interest.
- However, daily transactions on the network dropped by 65%, while Shiba Inu’s price fell 20% in the last 14 days.
The Rapid Increase
As an analyst, I’ve been closely monitoring Shiba Inu’s layer-2 scaling solution, Shibarium. Recently, there have been significant developments that have caused ripples in the crypto community. Specifically, the number of new accounts on the network has seen a remarkable surge. Within just one day, this figure exploded from a mere 16 to an impressive 154.
This rise may indicate heightened engagement with the protocol and increased participation levels. The advancement signifies a burgeoning community that could bolster a stronger ecosystem.
Although not all Shibarium indicators have risen recently, the number of daily transactions has significantly decreased by approximately 65% to reach around 4,860. This number has been fluctuating between 3,000 and 20,000, which is a significant drop from the peak levels observed in mid-April when daily transactions processed on the network were in the millions.
As a researcher studying the cryptocurrency market, I’ve noticed that SHIB, the second-largest meme coin by market capitalization, has experienced a considerable price correction recently. This downturn aligns with the broader market trend, leading to a 20% decrease in its value over the past two weeks. Currently, SHIB is trading around $0.00002 according to CoinGecko’s data.
Shibarium’s Advance in Less Than a Year
The L2 blockchain solution was formally introduced to the public in August 2023, drawing attention from industry players following its successful passage through numerous significant milestones.
At the close of last May, Shibarium processed over five million blocks in total, marking a major milestone for the platform. Previously, the total transactions had exceeded 400 million, while the number of unique wallet addresses surpassed the 1.8 million threshold.
The network underwent significant upgrades in the past few months. The team initiated these improvements by introducing a new user interface (UI), which they claimed to be “faster, smoother, and more accessible than ever.” Their objective was to ensure compatibility with widely-used self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
Following this, the developers rolled out a new feature with a robust update. The objective was to enhance the user experience, grant more power to the community, and expedite block processing times.
The network was specifically engineered to promote the growth of the Shiba Inu ecosystem and lift SHIB above its meme coin competitors by boosting scalability, decreasing transaction fees, and increasing speed. If you’re intrigued by Shibarium and want to learn more, please check out our informative video below:
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- REF PREDICTION. REF cryptocurrency
- ERG PREDICTION. ERG cryptocurrency
- PROM PREDICTION. PROM cryptocurrency
- EUR JPY PREDICTION
2024-06-17 17:12