Shibarium, the Shiba Inu-owned layer-2 scaling solution on Ethereum, is on the verge of breaking a major transaction milestone. The protocol is just days from breaching the one billion transaction milestone, an outlook that marks a good omen for SHIB’s price.
Current state of Shibarium
According to data from Shibariumscan, the protocol currently boasts a total transaction count of 941,104,799. This leaves a small margin of 58,895,201 transactions to beat the milestone. At the current average daily transaction rate of 4.5 million, the major Shibarium milestone will be achieved in roughly 14 days.
Since its launch in August 2023, the protocol has showcased progressive growth across its core performance metrics. As reported earlier by U.Today, it crossed the 500,000,000 transaction milestone in November last year. With the one billion landmark months later, Shibarium is fast attaining maturity.
At the time of writing, Shibarium also boasts a total block count of 9,443,090, with hosted wallet addresses at 2,111,200. For a protocol native to Shiba Inu, its performance metrics, showcased by a five-second block time, set it on the radar among top protocols scaling Ethereum.
Shiba Inu price impact
The advancement of Shibarium is often correlated with the price of SHIB. Experts believe that with more usage, the demand for Shiba Inu will increase, placing upward pressure on the price.
Shiba Inu has not significantly increased overall since it crossed the major 500 million transaction benchmark. Currently changing hands for $0.00001648, up 4.68% in 24 hours, SHIB has dropped over 32% in the past three months.
Whether or not the push toward one billion transactions will trigger community hype and adoption remains unknown. The protocol maintains a healthy Shiba Inu burn rate outlook, with regular updates and enhancements.
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