Wed, 12/13/2023 – 10:29
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Shibarium, the Ethereum-based Layer-2 scaling solution linked to the Shiba Inu ecosystem, is on a revolutionary ride as it concerns its transaction growth. This particular metric has blown up in recent times and currently stands at 97,067,133 within just about 4 months since it was first launched.
The Shibarium milestone is worth commending, seeing the L2 is handling the weight on its shoulders with grace as it has not crashed as it did when it was first introduced. With the current outlook, Shibarium is now eyeing the 100 millionth transaction milestone, a feat that has many factors working against it at the moment.
One crucial factor is the declining Daily Active Users (DAUs) in the Shiba Inu ecosystem in general. Per data from IntoTheBlock, this metric has dropped by 10.88% with less than 4,000 addresses active at this time. Though a source of concern, active addresses do not connote transaction count as one address may complete multiple transactions to top the numbers.
The slowing daily trading volume of SHIB on exchanges is also another major bottleneck in view as waning enthusiasm implies that traders might conduct fewer transactions overall. Lastly, the low correlation between the Shibarium transaction boost and SHIB price may sunset core users’ interest over time.
Shibarium Promises are Enormous
Despite these obvious bottlenecks, Shibarium has good promises based on its future projection. Besides the consistent upgrades and the promise to launch more innovative Decentralized Applications ahead of the next bull market cycle, the core team behind the project has also teased a burn portal that will help enhance the drive to value for SHIB.
Shibarium is bound to play a central role in the emancipation of Shiba Inu in the long term and one of the ways it is registering its readiness for this feat is through its growing transaction milestones.