Data provided by Shibarium Explorer revealed that overall transactions on the layer-2 blockchain solution have reached almost two million.
Recall that the network built on Ethereum that aims to increase transaction speed, lower costs, and elevate Shiba Inu above its rivals went live approximately two weeks ago.
Shibarium Eyes a New Milestone
According to the entity, the exact total number of daily transactions on Shibarium (as of the moment) stands at 1,951,468.
The number of mined blocks has already surpassed the 500K milestone and is inching closer to 600,000, whereas the wallet addresses hit over 1.1 million and continue rising.
The aforementioned numbers come less than a month after the L2 scaling solution saw the light of day. It is considered a key part of a broader plan that aims to position Shiba Inu as a leading blockchain project by reducing fees and improving transaction speed.
Most SHIB Holders are Underwater
Despite Shibarium’s launch and the positive news surrounding it, the price of Shiba Inu (SHIB) has been on a downtrend in the past few weeks. The memecoin currently trades at approximately $0.00000710, a 12% decline compared to the figure 14 days ago (per CoinGecko’s data).
As CryptoPotato reported earlier today, the price decline has affected the majority of SHIB holders. An analysis by IntoTheBlock showed that only 11% of such investors are currently sitting on unrealized profit.
The situation is quite similar when observing other memecoin holders, including those that have distributed funds in Floki Inu (FLOKI), Dogelon Mars (ELON), or Pepe (PEPE).
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
According to data provided by Shibarium Explorer, the number of transactions on the layer-2 blockchain solution has almost reached two million [source]. Shibarium, a network built on Ethereum, aims to increase transaction speed, lower costs, and position Shiba Inu as a leading blockchain project compared to its rivals. The platform went live approximately two weeks ago [source].
As of now, the total number of daily transactions on Shibarium stands at 1,951,468 [source]. The number of mined blocks has exceeded 500,000 and is steadily approaching 600,000. Additionally, there are over 1.1 million wallet addresses, and this figure continues to rise [source].
The introduction of Shibarium less than a month ago is a significant milestone in the broader plan to establish Shiba Inu in the blockchain industry. It is expected to reduce fees and improve transaction speed [source].
Despite the positive developments surrounding Shibarium, the price of Shiba Inu (SHIB) has been declining in recent weeks. Currently trading at approximately $0.00000710, SHIB has experienced a 12% decline compared to its value 14 days ago [source]. This downward trend has affected the majority of SHIB holders, with only 11% of investors currently holding unrealized profits [source].
The situation is similar among holders of other memecoins like Floki Inu (FLOKI), Dogelon Mars (ELON), and Pepe (PEPE) [source].
Please note that the above article does not mention or reference cryptopotato.com.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
