According to CryptoPotato, data from Shibarium Explorer shows that the layer-2 blockchain solution has nearly reached two million transactions. The Ethereum-based network, which aims to increase transaction speed, lower costs, and elevate Shiba Inu above its rivals, went live about two weeks ago.
As of now, the total number of daily transactions on Shibarium stands at 1,951,468. The number of mined blocks has surpassed 500,000 and is approaching 600,000, while wallet addresses have exceeded 1.1 million and continue to rise. These figures come less than a month after the launch of the L2 scaling solution, which is a key part of a broader plan to position Shiba Inu as a leading blockchain project by reducing fees and improving transaction speed.
Despite the launch of Shibarium and the positive news surrounding it, the price of Shiba Inu (SHIB) has been on a downtrend in recent weeks. The memecoin currently trades at around $0.00000710, a 12% decline compared to the figure 14 days ago. An analysis by IntoTheBlock revealed that only 11% of SHIB holders are currently sitting on unrealized profit. This situation is similar for other memecoin holders, including those invested in Floki Inu (FLOKI), Dogelon Mars (ELON), or Pepe (PEPE).
