Shibarium, the Shiba Inu layer 2, is on track to hit a new milestone amid sustained adoption in the past few weeks. After recording a sustained average daily transaction count of four million, the total recorded transactions will hit 480 million soon. As of writing time, data from the Shibarium scan pegs this figure at 479,540,254. This 480 million milestone might be achieved within hours at the current adoption rate.
Shibarium and Shiba Inu hype
The November bullish rally narrative is playing out at a very fast pace amid broader industry hype. Over the past month, the price of Shiba Inu has continued to grow steadily.
As of writing time, the price of SHIB is up 1.49% in 24 hours to $0.00001909. This surge jumped as high as 10.71% in the past week, with the monthly growth rate at 7.45%. The hype in the SHIB ecosystem has further driven more users to Shibarium, with the performance metrics now showing its boom.
While current trading volume shows tempered engagement, SHIB is on track to breach the resistance level at $0.00002. If this level breaks, the price and Shibarium transaction milestone might shoot considerably high.
Setting major precedent
Analyzing Shibarium by the numbers, the protocol has broken major milestones over the past year. The current transaction boom could be better, as it once recorded over 11 million per day in Q4, 2023.
This historical transaction boom has helped the protocol set a major precedent. It is now riding on this trend, implying a higher bandwidth for growth moving forward. While many might focus on the transaction count, another aspect in which Shibarium is poised to record maximal growth is the actual total value locked (TVL).
This metric, per DeFiLlama data, Shibarium TVL is pegged at $4.48 million, proof it has not yet captured the true value of the transactions it is registering.
