Bitcoin‘s return to the peak level of $41,800 in 2023 has led to a significant revival in the cryptocurrency markets. Along with this recovery, many altcoin protocols have witnessed significant increases in both price and overall activity. Shibarium, benefiting greatly from these increases, has reached an impressive milestone with a total transaction count surpassing 28 million.
Shibarium, an Ethereum-based Layer 2 scaling solution, has reached a daily transaction count of 7.84 million, the highest number recorded in a single day. While Shibarium transactions followed a relatively steady trajectory until the end of November, they reached this level with a sudden increase this year.
This steady increase in transaction count in Shibarium highlights the protocol’s resilience and scalability. Even in the early stages, when only a few thousand transactions were recorded, the protocol demonstrated unwavering stability. The current increase in transaction numbers showcases the effective engineering and evolution that Shibarium has undergone since its inception.
This positive momentum in transaction activity in Shibarium has led to a significant price increase in Shiba Inu (SHIB). At the time of writing, SHIB has risen by 7.79% to $0.0000094 and has shown a three-digit increase in trading volume.
SHIB’s impressive growth has spread to a wider range, including Shibarium’s native token, Bone ShibaSwap (BONE). BONE has reached $0.7774 with a significant increase of 10.02%. The millions of Shibarium transactions represent a significant increase that can further impact investment activities, independently of the sustainability of the price level.