u.today
The Shiba Inu (SHIB) ecosystem has continued to push Shibarium, its Ethereum-based layer-2 scaling solution, to a new height. According to on-chain analytics tracker Shibarium Scan, the protocol is on track to hit the eight million total block milestone.
State of Shibarium in figures
Currently, the protocol boasts a total block of 7,961,993, buoyed partly by the massive boost in total transactions registered on the network. Shibarium block transactions have seen linear growth over the past year.
As U.Today reported earlier, the protocol breached the seven-million-block milestone in late September, setting a rare pace for future growth. Beyond block count, Shibarium has also seen impressive milestones regarding transaction count. For over a month now, daily transactions on the protocol have run in the millions, underscoring the massive adoption fueled by the ongoing bull run.
Shibarium’s total transaction count has topped 531 million as of this writing. In addition, the number of wallets registered on the protocol has jumped to 1,892,071, epic proof of sustained growth.
Other metrics, like average block time, remain pegged at five seconds, placing Shibarium as one of the fastest L2s in the broader Ethereum ecosystem.
Impact on Shiba Inu price
Shibarium's growth and key milestones sometimes correlate with Shiba Inu's price. While this is mostly true, there are usually some exceptions. Shiba Inu's price is down by 2.37% in 24 hours to $0.00002513 at the time of writing.
The general trend on the crypto market shows caution, as most digital currencies are overbought after breaking out from a recent downtrend. Despite this short-term slump, Shiba Inu expanded its price growth over the past month, retaining a 34.32% surge.
While the combined market trend might determine how high or low SHIB will grow this bull cycle, Shibarium might help reverse its deepening sell-offs.