Shibarium, the Layer-2 solution for Shiba Inu, has reached significant milestones in transaction volume and the number of addresses. The Total Value Locked (TVL) in Shibarium has recently hit an all-time high, indicating its growing utility.
Investors are closely monitoring the impact of Shibarium’s success on SHIB’s price and overall market momentum.
Shiba Inu’s Progress in Layer 2 Technology
Shiba Inu’s Layer-2 solution, known as Shibarium, has achieved a major milestone in transaction volume. Over the past week, the transaction count surpassed 500 million. As of the latest update, transactions have now surpassed the 600 million mark.
Additionally, Shibarium has seen an increase in the number of addresses, surpassing 2 million. Daily active addresses experienced a significant surge, peaking at over 12,000 on December 8th. However, this number has slightly decreased to below 2,000 recently.
Explosive Growth in Shibarium’s Total Value Locked
Recent data shows that the Total Value Locked (TVL) in Shiba Inu’s Shibarium has skyrocketed to over $6 million, a milestone previously unseen in the ecosystem. This surge demonstrates a growing confidence among users in Shibarium as a scalable solution in the broader Shiba Inu network.
The spike in TVL aligns with an upward trend in transactions, indicating the platform’s expanding utility.
SHIB’s Price Movement in Relation to Shibarium’s Success
As Shibarium’s activity surged, SHIB witnessed a significant price rally. Starting from a low of $0.000017 in mid-June, SHIB’s price surpassed $0.000027 in early December, reflecting positive investor sentiment and ecosystem growth.
Recent price retracements in SHIB emphasize the current market consolidation phase. With Shibarium achieving new milestones, the question arises whether SHIB can maintain its upward trajectory amidst broader market fluctuations.
Future Prospects for SHIB
Despite recent price retracements, SHIB has maintained a strong uptrend on the daily chart. The 50-day moving average served as a support level at $0.00002357, possibly signaling a rebound for bullish momentum.
The Relative Strength Index (RSI) stands at 50.60, indicating neutral momentum with potential for upward movement if buying activity resumes. Meanwhile, a slight decline in volume suggests traders are awaiting a decisive breakout above the key resistance level at $0.000030.
SHIB’s price performance appears to be closely linked to the ongoing success of Shibarium. Positive developments within the ecosystem, such as TVL growth or new partnerships, could reignite investor interest in the project.