Shiba inu

How 3 Million Shibarium Transactions May Impact SHIB Price

Shibarium, the layer-2 blockchain tailored for the Shiba Inu (SHIB) meme coin, has achieved significant milestones, signaling its expanding utility and user engagement.

Recent data reveals that the total transactions on Shibarium have soared past 3 million. This marks a significant leap in activity, all within a mere two months.

How Increased Shibarium Transaction Will Impact SHIB Price

The platform has seen a remarkable surge in daily transactions, reaching 3 million. This figure represents a peak not observed since January 28. Starting from 1 million transactions on February 16, the count escalated to 2.44 million by February 18. Eventually, it hit the 3 million mark, showcasing rapid growth.

Additionally, the number of wallets engaging with Shibarium has grown to 1,358,320. This uptick indeed indicates broader adoption of the platform.

Celebrating this milestone, the Shiba Inu ecosystem’s official X (Twitter) account expressed optimism about the day’s potential for even higher transaction volumes.

“Approaching 3 million transactions… and the day isn’t over yet! Wishing the ShibArmy an amazing week ahead,” Shib wrote

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shibarium Transactions. Source: Shibariumscan

Similarly, DeFiLlama data shows a surge in Shibarium’s Total Value Locked (TVL). Remarkably, the TVL exceeded the $1 million mark earlier this month.

These achievements coincide with the Shiba Inu community’s efforts to expand the token’s ecosystem. The anticipation around SHEboshis non-fungible tokens (NFTs) and KNINE utility tokens significantly contributed to the recent growth of the Shiba Inu ecosystem.

Investors and enthusiasts are keenly watching the impact of these milestones on the price of the Shiba Inu (SHIB). Currently, SHIB is on the brink of a significant breakout from a cup and handle chart pattern. If this breakout occurs with strong volume, SHIB’s value could surge by over 21%. This would allow it to retest its December 2023 highs at $0.00001195.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu (SHIB) Price Performance
Shiba Inu (SHIB) Price Performance. Source: TradingView

Conversely, should SHIB fail to overcome the neckline resistance at $0.00001004, it might retreat to the support level at $0.00000946.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



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