Shiba Inu‘s (SHIB) Ethereum-based Layer 2 network, Shibarium, has reached a significant milestone according to the latest data provided by the blockchain explorer. The data shows that over 2 million transactions have been conducted on the network, with more than 1.1 million wallet addresses created, indicating the increasing traction of the Shibarium network.
As of September 11th, the Shibarium network has recorded a total of 580,102 blocks, with an average block time of 5 seconds and an average gas fee of 3.02 Gwei. The network reflects the platform’s growing utility and adoption rate, with an average daily transaction volume of approximately 168,150.
Shibarium, developed as a fork of the Polygon Blockchain, is part of Shiba Inu’s expansion strategy into the metaverse and gaming applications, providing a cost-effective settlement option for decentralized finance (DeFi) applications.
Despite the uncertainty caused by software bugs that locked millions of dollars during its launch, the network seems to have stabilized and resolved the existing issues as expected.
Despite the early success of Shibarium, the price of Shiba Inu’s utility token, SHIB, continues to underperform. According to the latest price data from CoinMarketCap, SHIB is trading at $0.000007287, with a 0.63% decrease in the daily price and a 3.94% decrease in the past 7 days.
The altcoin is showing a similar performance to other altcoins such as Dogecoin (DOGE) and Cardano (ADA), which also experienced a negative trend last week. However, while the new milestones achieved by Shibarium may not have a significant impact on the price of the altcoin yet, they can be considered as a positive indicator of the project’s long-term viability.
Shibarium has positioned Shiba Inu as a significant player in the rapidly evolving crypto world, going beyond being just a memecoin.