Popular memecoin Shiba Inu‘s (SHIB) Layer 2 network Shibarium continues to break records and reach new all-time highs. The network has now surpassed 2 million transactions, marking a significant milestone.
The Striking Rise of Shibarium Network
Shortly after the reboot of the Layer 2 network Shibarium, the number of transactions on the network reached an all-time high. According to data from Shibariumscan, a blockchain explorer, the total number of transactions surpassed 2,328,690 as the user base of the network continues to grow.
Currently, there are 1,155,622 connected wallets. The number of blocks mined on the network has also continued to increase, reaching 606,826 after surpassing the significant threshold of 500,000.
Shibarium had to be temporarily halted due to issues encountered during its launch. Approximately three weeks ago, it had to be rebooted for the purpose of restructuring the Layer 2 network. This decision was a result of the network’s inability to effectively handle the significant amount of traffic during its introduction at the Blockchain Futurist Conference in Toronto on August 15.
The reboot of the network was made possible with the assistance of Shiba Inu, Unification Fund, and other developer teams. Polygon developers also played a significant role in facilitating the launch of Shibarium.
SHIB Price Analysis
Despite the impressive rise of Shibarium, the price of SHIB has not been able to show the expected momentum due to current market conditions. At the time of writing, SHIB is trading at $0.000007266, reflecting a 0.82% decrease during the day and a 5.23% loss over the past week.
Technically, the closest major resistance level for SHIB is $0.0000076, while the nearest strong support level is at $0.00000681. The popular memecoin is currently trading below its 200-day simple moving average, signaling a potential dominance of bearish sentiment.
