Shiba Inu's Shibarium reaches new milestone, despite price struggles

26/01/2024
21

Shiba Inu's (SHIB) popular layer-2 scaling solution, Shibarium, recently reachedc a new milestone after processing a total of more than 300 million transactions since its launch. This while earlier this month, it already saw a spike in the number of daily transactions of nearly 8 million.

According to data from Shibarium network explorer Shibariumscan, the network's daily transactions have since fallen to around 2.7 million from their peak, with the network currently having around 1.34 million unique-purposes and having processed over 2.78 million blocks.

This growth spurt in Shibarium's activity comes just a week after Gate.io, a prominent cryptocurrency exchange, began allowing users to transfer and buy BONE tokens directly to Shibarium. Moreover, Australian company GroveX was the first to integrate with the network, further increasing the credibility of the project.

Despite its recent success, Shiba Inu's original token, SHIB, has experienced a slight decline. In the past 24 hours, the figure has fallen 4% and 10% in the past week. The cryptocurrency has fallen more than 22% in the past 30 days, amid a broader market correction for cryptocurrencies.

Investors continue to rally SHIB
Investors nevertheless seem to be betting on Shiba Inu, with prominent members of the SHIB community recently pointing out that data from Arkham Intelligence shows that commission-free trading platform Robinhood (NASDAQ:HOOD) currently has 36.684 trillion SHIB tokens in its wallet.

It is worth noting that the exchange wallets do not represent the assets of the trading platform itself, but rather the assets of its users. Often, these large wallets keep money safely in cold storage while users trade within the platform.

Besides Robinhood users, several cryptocurrency whales have also decided to collect the meme-inspired cryptocurrency. One whale sent a whopping 136.8 billion tokens to a newly created wallet earlier this week, shortly after SHIB burned 9.35 billion tokens, while the burn rate skyrocketed by more than 28,600%.

According to Lookonchain data, a total of four whales have collected 2.39 trillion tokens through cryptocurrency exchanges in the past month, including one whale that collected 1.44 trillion tokens in just three days.

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