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Shibarium Shatters Records: 2 Million Transactions In A Day – Details

After a month of quiet paws, Shibarium, the Layer-2 solution for the popular meme coin Shiba Inu, has roared back to life with a staggering 200% increase in daily transactions over the past two days.

This surge marks a dramatic turnaround from its recent lull, reigniting optimism among the SHIB army and sending the platform’s gas token, BONE, leaping 6%.

Strong Showing: Shibarium Soars

Data from Shibariumscan reveals a notable ascent: On Saturday, transactions had slumped to a dismal 1.16 million, the lowest point in recent memory.

Awakened by increased activity, today recorded a remarkable 2 million transactions, surpassing the platform’s previous peak of 7.84 million in November.

So, what unleashed this furry fury? Gate.io, a major cryptocurrency exchange, appears to be the culprit in all the best ways.

Their recent integration of Shibarium allows users to finally break free from the shackles of centralized exchanges and withdraw BONE tokens directly onto the Shibarium network.

This marks a monumental milestone, signifying the first major partnership between Shiba Inu’s Layer-2 solution and a traditional exchange.

Gate.io’s decision is a significant step forward for Shibarium’s accessibility and opens up exciting possibilities for the platform, according to some analysts.

With over 285 million transactions under its belt, 1.3 million active wallets, and 2.6 million blocks stacked high, Shibarium’s network metrics tell a story of continuous growth.

BONE Surge Fuels Shibarium’s Promising Future

And while the price of SHIB itself experienced a slight dip today, BONE, the fuel that powers Shibarium, surged an impressive 7%, suggesting investors are placing their bets on the Layer-2 solution’s future.

The question now: Is this just a fleeting blip on the radar, or the dawn of a new era for Shibarium? The SHIB community, ever hopeful, chooses to see it as the latter.

Some analysts say this could be a turning point for Shibarium. With more integrations and partnerships on the horizon, the platform has the potential to revolutionize how users interact with the Shiba Inu ecosystem.

Only time will tell if Shibarium can sustain this momentum. But for now, the Shiba Inu’s Layer-2 solution is back in the spotlight, its paws firmly planted on the gas pedal, and its sights set on a decentralized future for the meme coin revolution.

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Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery

Ethereum-based memecoin Shiba Inu (SHIB) has once again garnered the attention of the crypto community as the altcoin has witnessed a massive whale accumulation leaving the community to ponder on the reason behind the whale accumulation.

Shiba Inu Whale Amassed 1.44 Trillion SHIB

Recent data from crypto analytics firm Lookonchain has revealed that new buyers are stacking Shiba Inu on Binance and Gate.io. The analytics platform shared the data on the social media platform X (formerly Twitter).

As of the time of the report, over 1.44 trillion SHIB, valued at about $13.36 million, had left exchanges in less than 48 hours. With split purchases over a period of time, the accumulation was a clear move.

Lookonchain revealed that the unknown whale addresses 0xF633Cd….3493Bbac began the accumulation on the Binance platform. The whale reportedly moved 400 billion SHIB tokens from the platform to the wallet address.

Additionally, the whale received another 146,342,102,182.77 SHIB around an hour later. This brings down the total amount of SHIB withdrawn from Binance to 546,342,102,182.77, valued at approximately $5.18 million.

Furthermore, the analytics firm reported another massive Shiba Inu withdrawal from the crypto exchange Gate.io. Lookonchain shows that the whale started the accumulation from Gate.io with an initial batch of 32,913,563,627.61 SHIB tokens.

Meanwhile, the next whale accumulation which was the largest consists of 499,999,665,444.45 SHIB. The whale then completed the move with an additional 362,134,360,200.61 SHIB buy. This brought the total amount of SHIB amassed to a whopping 895,047,589,272.67 valued at about $8.5 million.

According to Lookonchain, the aforementioned wallet address 0xF633Cd….3493Bbac is responsible for the tokens withdrawn from both crypto platforms. 

These transactions came at a time when the Shiba Inu was experiencing a price rebound. However, there is no solid proof that these transactions have affected the price of SHIB positively.

A Significant Drop In Shibarium Transaction Counts

The Shiba Inu layer 2 blockchain platform Shibarium has experienced a significant drop in its transaction counts. The drop in transactions might suggest a broader change in users’s confidence and engagement.

According to data from Shibariumscan, the network’s daily transactions are currently pegged at 2.73 million. This is the lowest the network has seen in months now.

The network has been seeing a notable decrease in transaction counts since the close of the previous year. The drop in daily transaction counts indicates a decline in the network’s adoption.

Data from Shibarium Explorer shows that the network’s utilization is down up by 11%. However, this is a drop from the 30% network utilization it recorded on Monday, January 8.

As of the time of writing, SHIB was trading at $0.000009522, indicating an increase of 1.20% in the past 24 hours. Meanwhile, its 24-hour trading volume is currently seeing an uptick of 64%, according to CoinMarketCap.

Shiba Inu