Shiba Inu’s layer-2 network, Shibarium, has officially crossed one billion total transactions, marking a significant achievement in the ongoing push to expand beyond meme coin status. Shibarium’s growth is attributable to consistent activity and adoption within the broader Shiba Inu ecosystem. However, this major milestone has not translated into positive momentum for SHIB’s price, which has been under bearish pressure for weeks in line with the overall trend in the crypto market.
Shibarium Surpasses 1 Billion Transactions With Intensifying Network Activity
Launched in August 2023, Shibarium marked a pivotal change for the ecosystem of this meme cryptocurrency. The layer-2 network aims to enhance transaction speed and reduce costs associated with Shiba Inu transactions on the Ethereum blockchain. Since its inception, Shibarium has consistently shown increases in user participation, smart contract deployments, and daily transaction volumes.
According to data from Shibariumscan, total transactions have now exceeded the one billion mark, highlighting the extensive activity the network has handled. As it stands, Shibarium boasts 1,012,261,457 transactions processed in 10,284,922 blocks and 194,705,571 addresses created.
Daily transaction volumes frequently reach the millions, occasionally climbing into the tens of millions during periods of increased activity across the wider crypto market. Notably, the number of transactions processed on the Shibarium network hit 2.75 million within the last 24 hours, with an even larger 4.11 million recorded in the previous day. Nevertheless, despite reaching this milestone and the notable transaction activity, SHIB has struggled to achieve any significant price increases.
Why Is Shiba Inu Price Still Struggling and Holding Flat Near $0.000012?
Despite Shibarium’s transaction milestone, SHIB’s price performance has been less than impressive. Typically, major milestones connected to the layer-2 network have sparked increased buying activity. In earlier phases of Shibarium’s rollout, even modest developments were sufficient to incite price rallies or at least temporary jumps for SHIB.
However, the correlation between Shibarium milestones and SHIB’s price seems to have diverged, and the initial hype appears to have waned. Shibarium now stands as a robust component of the Shiba Inu ecosystem, yet its capacity to impact investor sentiment and price movements has diminished significantly.
Moreover, the broader crypto markets have experienced consistent bearish trends recently. The entire landscape has undergone a persistent pullback since early March, with numerous large-market-cap cryptocurrencies grappling to build upward momentum. This situation has been compounded by factors such as a recent announcement regarding tariffs from Donald Trump, further eroding market confidence.
In the past week, SHIB has remained tethered around the $0.000012 mark, witnessing a decline of 9.4%. The lack of robust buying interest continues to confine SHIB’s price within this narrow downtrend, presenting the risk of dropping below the $0.000012 threshold in the near future. At present, Shiba Inu is trading at $0.00001210, reflecting a decrease of 1.2% over the last 24 hours.
