According to the most recent information from its explorer, Shibarium, Shiba Inu’s Ethereum layer-2 network, has reached a significant transaction milestone.
With over 2 million total transactions and supporting more than 1.1 million wallet addresses, it appears to be gaining traction.
Shibarium’s growing pains
Shibarium has registered a total of 580,102 blocks as of September 11 with an average block time of 5.0 seconds and a gas tracker at 3.02 Gwei.
The platform’s growing usefulness and acceptance rate are evident from the network’s average daily transaction volume of about 168,150.
Shibarium, created as a fork of Polygon, provides affordable settlements for DeFi apps developed on top of it and is a part of Shiba Inu’s larger goal to enter the metaverse and gaming applications.
The platform appears to have stabilised following a number of initial glitches, such as software issues that left millions of dollars in limbo, after adding more fail-safes.
SHIB’s underperformance
The price of the Shiba Inu token (SHIB) is still low despite Shibarium’s early popularity. The price of SHIB is now $0.00000702, down 4% for the day and 8.1% for the week, according to the most recent CoinGecko statistics.
Similar to other altcoins like Dogecoin and Cardano, which also reported negative statistics in the previous week, the token is performing poorly.
Even if they haven’t yet had a substantial effect on the token’s price, Shibarium’s new milestones may be an indication of the project’s long-term sustainability.
Siba Inu can move beyond its notoriety as a meme coin thanks to Shibarium, which is positioned it as a major participant in the quickly changing cryptocurrency market.
