Shiba Inu Layer 2 'Shibarium' Sees Surge in Transaction Volume | Rising Price Expectations

Explore our in-depth analysis of Shiba Inu's Layer 2 'Shibarium', witnessing a staggering increase in daily transactions, now exceeding 7 million.

Uncover insights into SHIB's market trends, potential uptrends, and expert predictions on its breakthrough from a prolonged price decline.

Shibarium Transaction Count Skyrockets, Surpassing 7 Million Daily Transactions

The Shiba Inu (SHIB) associated Layer 2 scaling solution, 'Shibarium', has been garnering attention due to a significant increase in transaction counts starting around December 1, 2023.

Data from 'ShibariumScan', the blockchain explorer for Shibarium, indicates a dramatic rise in daily transactions.

While the daily transaction count was around 16,000 transactions per month earlier, it surged to '5 million transactions/day' on December 1, and further increased to '7.84 million transactions/day' by December 3.

Additionally, a recent report on December 3 noted that the total transaction count had surpassed 20 million.

However, as of the time of writing this article, this figure has exceeded 25 million, with the number of wallet addresses surpassing 1.28 million.

Shibarium's Exponential Growth Since Its August Release

Shibarium, a relatively new Layer 2 solution released in August this year, reported total transaction counts of 2 million and daily transactions exceeding 200,000 in September.

However, the current daily transaction figures are significantly higher than those recorded at that time.

The exact reason for the sudden increase in Shibarium's transaction numbers remains unclear. Nonetheless, the recent data reflects growing interest in Shibarium and is drawing attention from the perspective of SHIB burning.

Potential Breakthrough from Long-Term Downtrend for SHIB

The cryptocurrency SHIB experienced a significant price surge to approximately $0.00009 at the end of October 2021.

Following that, it entered a long-term downtrend. However, there is now growing anticipation that it might be breaking out of this prolonged decline, signaling the start of a substantial uptrend.

Cryptocurrency analyst Captain Faibik, in a mid-last-month post, pointed out this possibility, suggesting that "SHIB is currently in a retest phase, and if successful, we could see a bullish rally of up to twice the current value by mid-December."

He also mentioned a target price around $0.000017 in the event of breaking free from the downtrend.

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