Shibarium has crossed a new milestone in the space of a few days. The layer-2 solution built for Shiba Inu’s ecosystem just saw transactions spike an astounding 4,400%, registering 748,230 transactions in the past 24 hours.
Numbers like this demonstrate the sheer adoption rate of Shibarium, and investors are left wondering if high valuations for the tokens on the Shiba Inu ecosystem are inevitable.
Shibarium Transactions Explode Over 4,400% In One Day
Shibarium went live in August and has become the go-to platform for SHIB whales and investors. Shibarium recently crossed the 4 million transaction mark, but it looks like the run isn’t stopping anytime soon.
The layer-2 solution saw an explosion of over 4,400% transactions in just the past 24 hours to reach the next milestone of five million transactions. According to data from Shibariumscam, there were 748,230 transactions in the past 24 hours, the highest ever recorded since its launch.
Notably, the transaction count on the network has been on the rise in the past week, as it reported over 43,000 transactions On November 23. At the time of writing, the total transaction count now stands at 5.968 million and is steadily approaching the 6 million milestone.
SHIB price at $0.0000083 | Source: SHIBUSD on Tradingview.com
What This Means For SHIB And BONE Prices
The massive increase in Shibarium transactions is hugely bullish for SHIB and BONE prices. With more activity and utility on the network, demand for the native tokens should rise. Even before the platform went live, SHIB has been known to react to updates regarding the platform. As it stands, a larger part of SHIB’s utility is now tied to the adoption and use of Shibarium.
BONE is also of this sentiment regarding Shibarium. Apart from its utility as the governance token on the ShibaSwap decentralized exchange (DEX), BONE is also used to pay gas fees on the Shabarium network. The more people buy, sell, and trade on the network, the higher BONE’s price can climb. As a result, the hype around Shibarium’s launch in August saw the crypto spike over $1.7 for a few hours.
It would seem that both SHIB and BONE have reacted positively to the recent transaction surge on Shibarium, among other things. According to data from Coinmarketcap, SHIB is up by 1.45% in the past 24 hours, while BONE is up by 2.59% in the same timeframe. However, despite the constant spikes this year, both tokens are still in the negative in a larger timeframe, down by 9.89% and 18.64% in a yearly timeframe.
Due to the recent spike in Shibarium transactions, many SHIB and BONE holders are optimistic that new all-time highs are on the horizon for these tokens. SHIB is trading at $0.000008315 at the time of writing and it would need to perform a 930% gain to reach its all-time high of $0.00008616. BONE, on the other hand, is currently trading at $0.6262 and would need to perform gains of 2375% to reach its current all-time high of $15.50.
The Shiba Inu ecosystem continues advancing, enhancing the utility and technology behind SHIB, and the future looks bright for this innovative ecosystem and its tokens.
Featured image from CryptoRank, chart from Tradingview.com