Important Shibarium Metric Explodes 400%: Bullish SHIB Sign?

TL;DR

• Shiba Inu’s layer-2 solution, Shibarium, witnessed a 400% increase in daily transactions, reaching over 62,000 on October 25.
• Since its launch in August, Shibarium has seen over 1.3 million blocks and is nearing 4 million overall transactions.
• This growth in Shibarium is seen as a potential driver for SHIB’s price, which has recently risen by about 10% daily and 20% weekly, possibly also influenced by the broader bullish cryptocurrency market trends.

What’s New With Shibarium?

After days of registering relatively low transaction volume, Shiba Inu’s layer-2 blockchain solution – Shibarium – has finally managed to change the trends. 

According to data provided by Shibariumscan, the number of daily transactions on the network climbed to over 62,000 on October 25. This represents a 400% increase compared to the figure observed the day before.

The L2 scaling solution officially saw the light of day at the end of August and has progressed rapidly ever since. Total blocks on the network have exceeded 1.3 million, whereas overall transactions are inching towards the 4 million milestone.

Those willing to learn more about Shibarium and how it plans to improve the popular memecoin Shiba Inu could take a look at our video below:

Could This Drive SHIB Price Up?

Shibarium’s advancement has been touted as an important factor that could trigger a Shiba Inu (SHIB) rally. The coin’s price has surged by approximately 10% in the past 24 hours and nearly 20% on a weekly basis.

Another element benefiting the performance of the self-proclaimed Dogecoin could be the current bullish condition of the cryptocurrency market. Earlier this week, Bitcoin (BTC) spiked to a 17-month high of $35,000, while many of the altcoins are also well in the green.