TL;DR

• L2 scaling solution Shibarium saw one indicator surging by over 860%, indicating rising interest.
• However, daily transactions on the network dropped by 65%, while Shiba Inu’s price fell 20% in the last 14 days.

The Rapid Increase

Shiba Inu’s layer-2 scaling solution – Shibarium – keeps making waves due to its progress and the surge of some of its metrics. Most recently, the number of new accounts on the network exploded by over 860%, from just 16 (on June 15) to 154 the following day.

This increase could suggest an additional interest in the protocol and higher levels of activity. The development reflects a growing community that might contribute to a more robust ecosystem.

However, not all Shibarium indicators have headed north lately. The number of daily transactions has plummeted by 65% to 4,860. The figure has recently hovered between 3,000 and 20,000, standing far from the peak levels in mid-April. Back then, daily transactions processed on the network were in the millions.

Meanwhile, SHIB (the second-largest meme coin in terms of market capitalization) has suffered a significant price correction as of late, which coincides with the overall market decline. The asset is down 20% on a 14-day scale, currently trading at approximately $0.00002 (per CoinGecko’s data).

Shibarium’s Advance in Less Than a Year

The L2 blockchain solution officially saw the light of day in August 2023, capturing the eye of industry participants after countless blasts through important milestones.

Its latest significant achievement occurred at the end of last May when the number of total blocks processed on Shibarium surpassed the five million mark. Prior to that, total transactions surpassed 400 million, whereas wallet addresses crossed 1.8 million.

The network underwent some major upgrades in the past months. The team behind it first launched a new user interface (UI) upgrade, describing it as “faster, smoother, and more accessible than ever.“ It aimed to allow compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Shortly after, the developers introduced another advancement via a hard fort. Its goal was to improve user experience, empower the community, and implement quicker block processing times.

The network was designed to foster the development of the Shiba Inu ecosystem and elevate SHIB above its rival in the meme coin sector by enhancing scalability, lowering transaction costs, and improving speed. If you are curious to learn more about Shibarium, feel free to take a look at our dedicated video below:

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