According to CryptoPotato, Shiba Inu's layer-2 blockchain solution, Shibarium, has seen a significant increase in both active accounts and daily transactions, indicating network growth. The developments in Shibarium could potentially trigger a rally for SHIB, which is already recovering along with other meme coins like MEW and DOGE.
Shibarium has been making headlines recently due to its significant revival. The latest data shows that active accounts on the network have surpassed 25,000, marking an 80% increase compared to the previous day and a massive 3,500% jump since the beginning of April. Daily transactions have also seen a surge, spiking above 400,000.
Shibarium was officially launched in August last year with the aim to foster the development of Shiba Inu by enhancing scalability, reducing transaction costs, and improving speed. It has achieved multiple milestones in the past few months. As reported earlier this month, the total blocks on the network crossed the 4 million mark. Wallet addresses are just below the 1.8 million mark, while total transactions currently stand at approximately 415 million.
Many analysts believe that further advancements in Shibarium could trigger a bull run for SHIB, the second-largest meme coin. Meanwhile, SHIB has already started to recover some of the losses recorded over the weekend and is showing positive growth on a daily scale.
In other news, the Solana-based Cat in a Dogs World (MEW) is among the market's top performers today, exploding by almost 100%. Other meme coins such as Dogwifhat (WIF), Dogecoin (DOGE), Pepe (PEPE), and Floki Inu (FLOKI) have also seen an upward trend, albeit in a more modest fashion.