Shiba Inu’s layer 2 blockchain, Shibarium, is approaching a milestone of 300 million transactions.
According to the latest data from ShibariumScan, the number of transactions on the blockchain has reached a whopping 297 million across 2.7 million blocks.
Sybarium trading reflects growth.
As of September 2023, Shibarium has completed 3 million transactions. However, recent figures show that trading volume has surged by more than 9,000% in less than four months. The network has integrated with major cryptocurrency players such as Gate.io to further fuel its growth.
This achievement is especially noteworthy considering Sybarium’s daily trading volume decreasing trend. Sybarium is currently recording 1.96 million daily transmissions, down from consistent levels of more than 2 million seen last week.
In particular, trading volume peaked in December, recording an average of more than 7 million transactions per day.
Read more: Top 10 Cheapest Cryptocurrencies to Invest in January 2024
Despite the impressive trading volume, the total value locked (TVL) of Shiba Inu’s Shibarium is approximately $833,000, according to DeFiLlama’s on-chain data.
SHIB confirms trend reversal, positive movement
This notable network growth coincides with significant transfers from wallets known to be linked to Tron founder Justin Sun. Look on chain said The wallet withdrew a total of $4.47 million worth of assets from Binance, including $79.33 billion in SHIB worth approximately $752,000.
arket sentiment often turns bullish when investors start withdrawing money from the exchange. This behavior signals a reluctance to give up digital assets and a strong commitment to maintaining positions.
In fact, the SHIB token has experienced a notable reversal, posting gains over the past 24 hours following recent losses. According to price data from BeInCrypto, the price of SHIB is currently trading around $0.00000946, up 2.3% in the last 24 hours.
This positive move marks a significant change from the previous downward trend. Over the past seven days, the token has fallen 3.8%. It also recorded a decline of 8.2% over the past 30 days and 17.5% over the past year. Despite this price action, the current uptrend suggests a potential breakout for the token.
disclaimer
In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.