HomeFinance NewsShibarium Approaching 300M Transactions: Potential Impact on SHIB Price?

Shibarium Approaching 300M Transactions: Potential Impact on SHIB Price?

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The number of transactions on Shiba Inu’s layer-2 blockchain, Shibarium, is rapidly approaching a major milestone of 300 million. The latest data from ShibariumScan shows that there have been an impressive 297 million transactions across 2.7 million blocks. This marks a substantial surge of over 9,000% in transaction volume within the span of just four months, from a modest 3 million transactions in September 2023. Shibarium’s integration with major cryptocurrency players like Gate.io has further fueled its growth, which is particularly noteworthy given the trend of declining daily transactions on the platform.

Furthermore, despite the impressive transaction volume, Shiba Inu’s Shibarium total value locked (TVL) remains at around $833,000, according to on-chain data from DeFiLlama. This noteworthy growth coincides with a substantial transfer from a wallet reportedly linked to Justin Sun, the founder of Tron. LookOnChain reported that the wallet withdrew assets totaling $4.47 million from Binance, including 79.33 billion SHIB valued at approximately $752,000. This action often signals a bullish sentiment in the market, as it implies a strong commitment to holding positions and reluctance to part with digital assets.

Moreover, the SHIB token has experienced a remarkable reversal in price, recording gains within the last 24 hours following recent losses. Despite a downward trend over the past week, the current uptick in SHIB’s price, trading around $0.00000946, suggests a potential breakout for the token. This positive movement indicates a significant shift from the previous downward trajectory, presenting a hopeful outlook for potential investors.

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