- Shibarium, the Ethereum-based Layer-2 solution for the Shiba Inu ecosystem, has achieved a milestone of over 2 million registered wallet addresses.
- Additionally, Shiba Inu’s growth has been highly driven by partnerships and token burning.
The Shiba Inu ecosystem as a whole has been making significant waves in the cryptocurrency landscape. This comes especially after Shibarium hit a significant milestone in its trajectory. Shibarium, the Ethereum-based Layer-2 scaling has achieved 2 million registered wallet addresses.
According to data from Shibariumscan data, Shibarium, which was officially released on August 16, 2023, reached 2,003,042 wallet addresses.
Shibarium has played a huge role in expanding the Shiba Inu ecosystem with the impressive metrics the L2 scaling solution has delivered. Notably, the network has processed a staggering 620,449,455 transactions, maintaining an average block time of just 5 seconds. Notably, it crossed the 500-million transaction milestone in November, averaging 4 million transactions daily. Additionally, Shibarium has produced over 8.2 million blocks
Not only has Shibarium recorded notable quantitative results, Shiba Inu’s robust growth can also be attributed to the ecosystem’s partnerships. The aforementioned collaborations include Zama’s innovative fhEVM Coprocessor, which is set to debut on the network soon. These advancements have bolstered Shibarium’s appeal, driving up its user count and cementing its reputation as a pivotal player in the Shiba Inu ecosystem.
I’m incredibly proud of our partners at @zama_fhe for introducing the #fhEVM coprocessor, paving the way for confidential and verifiable onchain experiences. My protocol team is working closely with @zama_fhe incredibly talented team to bring this groundbreaking vision straight… https://t.co/XplFTRhp7r
— Kaal (@kaaldhairya) December 6, 2024
As Shibarium continues to grow, Shiba Inu appears to be one of the primary beneficiaries.
At the time of writing, SHIB is swapping hands with $0.00003022 marking a 4.46% decline in the past 24 hours. Additionally, the digital asset has surged 4.20% and 55.56% in the weekly and monthly charts. In the same vein, the digital asset’s market cap has declined by 4.57% stopping at $17.85B.
The rally is underpinned by the ongoing token burn mechanism within the ecosystem. The recent incineration of over 3 billion SHIB tokens has further augmented the scarcity of the token. This, in conjunction with the milestones achieved by the Shibarium project, has provided a robust foundation for SHIB’s bullish momentum.
Additionally, On-chain data for Shiba Inu (SHIB) paints a positive picture. In the past 24 hours, major holders accumulated 708.93 billion SHIB, a 106.3% increase. Over the weekend, whales added over 1.136 trillion SHIB, equivalent to approximately $34.08 million.
While weekly inflow and outflow from whale wallets decreased, the overall trend remains bullish. As market activity picks up, SHIB’s on-chain metrics are poised to become even more impressive.
Despite its origins as a memecoin, Shiba Inu continues to benefit from its status as the second-largest memecoin by market cap. The ongoing “D.O.G.E narrative,” fueled by Elon Musk’s interest in Dogecoin, has kept SHIB in the spotlight, drawing investor attention.
As Shibarium records new milestones, it serves as a beacon of potential for the Shiba Inu ecosystem. The innovative developments and robust network activity offer SHIB a promising anchor for sustained growth in the current bull market.
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