Shibarium Transactions Jump 3,370% in Days, What Happened?
2024-10-22

Shibarium stunned the community earlier, as transactions on the layer-2 blockchain network skyrocketed significantly over the weekend. Per data from Shibariumscan, the layer-2 transactions moved from 3,690 on Oct. 17 to a high of 324,590 as of Oct. 19.
Unusual Shibarium transaction trend still on
As observed on-chain, the Shiba Inu scaling solution retains the massive transaction boom on-chain. While it has dropped from the current high printed on Oct. 19, the daily transaction comes in at 128,050, marking a 3,370% jump in a matter of days.
It remains unclear what boosted this massive transaction boom. However, it underscores how Shibarium is designed to expand its bandwidth depending on the community’s adoption surge.
Around this time last year, Shibarium transactions ran into the millions per day. On some days, the transaction count jumps as high as 11 million in what many considered a boom from ordinal inscriptions on the protocol. While there are a series of positive ecosystem trends around Shibarium, it remains unclear which prospective innovation is boosting the ongoing sentiment.
Additionally, the timeline for the sustained transaction growth surge remains to be determined.
Shiba Inu needs this boost
It is worth noting that this uptick in Shiba Inu’s layer-2 transactions is a long overdue trend. Shibarium has recorded sliding figures for a very long time, preventing it from tagging along with its core rivals.
With this transaction boost, the protocol might compete with Ethereum-based L2 protocols like Base, Optimism and Arbitrum for market share. The endpoint for SHIB is enormous, as it might place more demand on the token in the long run.
Ultimately, Shiba Inu might find a ready market for its projected products, like the SHI stablecoin, which is under development. As of writing time, the meme coin was changing hands for $0.00001819, down by 4.03% in 24 hours. The token’s market cap comes in at $10.71 billion, with hopes that sentiment will change and reshape the price outlook.