Shibarium, the layer-2 scaling solution associated with the Shiba Inu (SHIB) ecosystem, is reacting positively to the new uptrend on the market. Over a period of seven days, the total transaction count on Shibarium jumped from 6,000 on May 14 to 18,560 as of May 20. This jump accounts for over a 209% surge.
Shibarium is a unique blockchain protocol with a thriving community around it. For weeks, the Shibarium transaction count stayed relatively flat, however, the tides shifted when the Shiba Inu team launched the Shibarium hard fork on the mainnet. This marked a turnaround for the Ethereum L2 protocol.
With the transaction boom, Shibarium is now eyeing breaking the 420 million total transaction record. While the timeline to achieve this is currently uncertain, Shibarium has the right catalyst to help it drive its position to a new level overall.
Following the launch of the Shibarium hard fork, the Shiba Inu team also transitioned the ecosystem’s pioneering decentralized exchange (DEX), ShibaSwap, to Shibarium. ShibaSwap to Shibarium marked a paradigm shift for the ecosystem as the DEX hosts transactions with the capacity to change the overall outlook of the meme coin project.
The benefit is already showing up with a corresponding impact on the price. At the time of writing, Shiba Inu is changing hands for $0.00002568, up by 6.88% in 24 hours to mimic the general upshoot in the broader market. As a token associated with the Ethereum ecosystem, SHIB might benefit from the prospective launch of a spot ETH ETF product by the United States Securities and Exchange Commission (SEC).
The odds of approval of this product at the time were less than 25%; however, Bloomberg ETF analysts raised their odds to a massive 75%, setting the market on a bullish rampage. If approved, the price of ETH might show further bullish strength, with a likely ruboff on Shiba Inu.
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