SHIB Roars As Shibarium Hits 100 Million Transactions – Big Things Unfolding
December 14 2023 - 12:00PM
NEWSBTC
Shiba Inu’s layer-2 blockchain Shibarium has breached the 100
million transaction milestone. This brought more exposure to SHIB
which has led to a big jump in price. According to Coingecko, the
token is up nearly 8% in the weekly, with the biggest bump
happening in the bi-weekly timeframe at 23%. Shibarium’s
recent achievement isn’t the only thing positive on SHIB this week.
With the broader market seemingly ending the year on the green,
Shiba Inu aims to follow suit. Shibarium In The New Age
According to Shibariumscan, the L2 chain has been experiencing an
exponential jump since its official launch back in August this
year. Related Reading: Solana Shows Its Mettle As SOL Barrels
Past $70 – Details Today, December 14, daily transactions reached
7.36 million with the total transactions processed reaching 105.2
million. This growth can be attributed to the dev team’s recent
activities behind the scenes. Source: Shibariumscan This
year, Shibarium is set to transition from the Goerli Network to the
Sepolia Network as its layer 1 chain. “This strategic shift
is instrumental in ensuring that developers have access to a
reliable and consistent platform for testing their dApps and smart
contracts. This is planned to go live [on] December 15th, 2023 by
which the current Puppynet will stop working,” the dev team
announced earlier this month. SHIB market cap currently at $5.909
billion. Chart: TradingView.com According to the blog post, SHIB
burns come in two phases: manual and automatic. As of writing,
Shibarium is in the manual phase with an estimated 3 massive manual
burns coming this month. This would further decrease the supply
available on the market, placing upward pressure on SHIB’s price.
Related Reading: OKX DEX Loses Over $400,000 To Hackers – What
Happens To Customer Funds? Another influence on SHIB’s price is the
broader market rally observed in the past few days. Coingecko data
shows that the market is up nearly 6% in the daily timeframe. If
this trend continues, SHIB will continue to give gains to the
bulls. Bulls Aim To Knock Another Zero Off SHIB is currently
on its way to knock another zero off of its price as the bulls
break through the $0.00000997 price level. If the bulls can
stabilize the token at this price point, further gains can be
speculated shortly. However, the over-reliance of SHIB’s
price action on major coins like ETH and BTC might be a problem in
the long term. As of writing, the market’s current trajectory is
held only Bitcoin’s very bullish past few days. If this streak
ends, SHIB will face a very bloody week. Featured image from
Shutterstock
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