Shibarium Hits Utility Milestone

Ahead of its official launch, the Shiba Inu (SHIB) community is celebrating a significant achievement with Shibarium, the Layer 2 scaling solution. Recently, Shibarium crossed a noteworthy milestone by surpassing 31 million total transactions. This accomplishment further highlights the practicality and usefulness of this latest addition to the ecosystem.

According to data from Puppyscan, the official figure for total transactions on the Shibarium testnet now stands at 31,487,719. Furthermore, the figure has been steadily increasing at a rapid pace, indicating a growing user base for the protocol’s beta version in preparation for its main net release.

Shibarium Achieves Another Significant Advancement in Utility

In the realm of digital assets, few communities rival the size and passion of the SHIB Army. This community has undeniably made a substantial impact on the meme coin market. Finally, the much-anticipated layer 2 scaling solution for their ecosystem has achieved yet another remarkable milestone.

The Shiba Inu project, known as Shibarium, has attained another significant utility milestone as it continues to gain relevance. The scaling solution has now officially surpassed 31 million total transactions, along with achieving several other noteworthy first-time accomplishments in history.

Shibarium Transactions

In addition to the total transactions, the beta version of Shibarium has recorded 1,782,720 total blocks. Furthermore, it has registered 17,062,408 wallet addresses utilizing the protocol, all the while achieving 256,551 daily transactions.

The community has eagerly awaited the official launch of Shibarium. Its introduction is expected to have a positive impact on the price of SHIB, which has remained stagnant recently. Moreover, the beta’s performance instills further optimism, as its ongoing usage may set the standard for what can be expected from the main net release.

SHIB Token Overview

At the start of 2023, Shiba Inu’s price showed strong performance, but unfortunately, buyers couldn’t sustain the higher levels. As a result, the price gradually declined, wiping out all the earlier gains. This outcome was disappointing for long-term investors.

Unless Shiba Inu manages to stay above ₹0.000500, there’s a possibility of a price rebound from the demand zone. However, the price will gain momentum once buyers successfully break out of the 200-day EMA. Conversely, if the SHIB price falls below ₹0.000500, it will likely lead to further downsides.

Shiba Inu Technical Analysis

Currently, the price of the Shiba Inu token is trading above ₹0.00064, increasing by more than 1.15% in the last 24 hours. Apart from that, the token is also trading 20 SMA & 50 SMA in the 1D timeframe, indicating that SHIB presently faces support near ₹0.00062 to ₹0.00063 price range.

Conclusion

The Shiba Inu community is buzzing with excitement as Shibarium achieves a remarkable utility milestone on its journey to an official launch. Surpassing 31 million total transactions on the testnet, Shibarium’s practicality and usefulness are now undeniable. 

With high hopes for the main net release, the community eagerly anticipates Shibarium’s positive impact on the SHIB token’s price and its influence on the market. The stage is set for Shibarium to become a transformative force in the digital asset realm.

To know more about Shibarium Layer-2 Solution, go check out SunCrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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