#Shibarium , the layer 2 blockchain network, recently surprised the community with a significant rise in transactions over the weekend. According to data from Shibariumscan, the number of transactions on Shibarium increased from 3,690 on October 17 to a peak of 324,590 on October 19.
Unusual Transaction Growth on Shibarium Continues
On-chain data shows that Shiba Inu's scaling solution is maintaining a massive transaction boom. Although the number of transactions has dropped from the peak on October 19, daily transactions now stand at 128,050, reflecting a 3,370% increase within a few days.
It remains unclear what triggered this massive surge in transactions. However, this growth highlights how Shibarium is designed to scale and accommodate increased adoption by the community.
Shibarium Has Seen Large Transaction Volumes Before
About a year ago, daily transactions on Shibarium were in the millions, with some days reaching up to 11 million transactions. This spike was attributed to intense protocol usage. While Shibarium is witnessing positive trends, it is still uncertain what future innovations might drive this continued optimism.
Uncertainty About Future Growth
It is also unclear how long this growth in transactions will last. However, this rise is long overdue for Shiba Inu, as it has been lagging behind its competitors.
Shiba Inu Could Strengthen Its Market Position
This increase in transactions could help Shibarium better compete with other layer 2 networks, such as Base, Optimism, and Arbitrum, which are built on #etherreum . In the long run, this could enhance the significance of the SHIB token.
Shiba Inu is also preparing for new projects, such as the SHI #stablecoin , which is currently in development. At the time of writing, the meme coin was trading at $0.00001819, representing a 4.03% drop in the last 24 hours. The token's market capitalization stands at $10.71 billion, with hopes that market sentiment will improve and help reshape the price outlook.
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