Shibarium, Shiba Inu’s layer-2 blockchain network, saw a massive spike in transactions over the weekend, surprising the crypto community. According to the data from Shibariumscan, transactions on the network surged from just 3,690 on October 17 to an astonishing 324,590 by October 19.
Although the number has dropped slightly, but still recorded 128,050 daily transactions marking a 3,370% jump in just a few days.
The reason behind this sudden transaction boom remains unclear, but the spike highlights Shibarium’s ability to scale rapidly as adoption increases. Around this time last year, Shibarium’s daily transactions were in the millions, with same day seeing up to 11 million transactions due to boom driven by ordinal inscriptions on the protocol.
Shibarium’s Long Awaited Boost
For Shiba Inu, this boost is long overdue. The layer-2 network has struggled with declining figures for some time, preventing it from keeping pace with competitors like Ethereum-based L2 protocols such as Base, Optimism and Arbitrum. This recent surge might position Shibarium to better compete in the growing market.
The increased transaction volume could also pave the way for greater demand for SHIB tokens in the long-term. As Shiba Inu continues to develop its ecosystem, including the anticipated launch of the SHI stablecoin, the project could find a ready market for its products.
However, the market has yet to reflect its boost with SHIB currently priced at 0.00001795, down by 1.7% in the last 24 hours, and with a market cap of $10.5 billion.
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