Shibarium Network Growth Hits New High, Crossing 1 Billion Transactions

The Shiba Inu price has fallen by almost 5% over the last 24 hours, carrying on with its bearish trend. The widely used Ethereum token has also dropped around 18% over the last week and 13% over the last month.

The Shiba Inu (SHIB) price has fallen by almost 5% over the last 24 hours, continuing its bearish trend. The widely used Ethereum token also dropped around 18% over the last week and 13% over the last month.

However, Shibarium network growth has reached a new milestone, crossing 1 billion transactions since its launch in August 2023. As the market dipped, this signaled high activity within the Shiba Inu price ecosystem.

Shiba Inu Network Growth Reaches 1 Billion Transactions

Crypto market trends are known for their volatility, and Shiba Inu has not been immune to this factor. The token’s price currently stands at $0.0000122 following a 4.8% loss. This decline coincides with a broader downturn in the cryptocurrency market.

An SHIB token update reveals that the asset has been steadily declining. Despite this, Shibarium network growth has remained strong, handling over 1 billion transactions in a short span.

The Layer 2 solution was built on Ethereum to enhance efficiency, reducing gas costs and boosting transaction speeds. This milestone positions Shibarium as a rapidly developing blockchain network that can rival conventional networks in processing capabilities.

Shiba Inu Trading Volume Surges Amid Market Uncertainty

On April 2, Shibarium network growth saw 4.05 million in daily volume, with an average block time of 5 seconds. Additionally, active addresses engaging in interactions with the network have crossed 194 million, highlighting the community’s growing adoption of the ecosystem.

This follows an SHIB token update that showed the trading volume soared by almost 20% to reach $229 million in the last 24 hours. Despite the increased activity, it wasn’t sufficient to prevent the Shiba Inu price from falling further.

Analysts believe that despite the price drop, the rising interest in Shibarium could be a sign of future recovery. At the end of March, Crypto News reported that Shibarium’s Total Value Locked (TVL) increased by 24% to $2.5 million.

Within the ecosystem, ShibaSwap’s TVL rose by 37%, WoofSwap by 31%, and ChewySwap by 20%. This indicates that investors are still actively engaging with the ecosystem, even as the Shiba Inu price continues to fluctuate.

What’s Next for SHIB? Market Trends & Predictions

Technically, the SHIB token update highlights the asset approaching a key support level of $0.00001200. If this support holds, we can expect a rebound, pushing prices towards the resistance at $0.00001350. However, another decline below support could lead to sustained losses, possibly testing the $0.00001150 zone.

The crypto market is in a state of flux, and external factors such as Bitcoin’s movements and regulatory updates will also play a role in shaping the future of the Shiba Inu price. Investors will be closely watching for shifts in market sentiment and an increase in buying pressure at support levels to identify potential reversals.

Although Shiba Inu is struggling in the market, Shibarium network growth provides a positive outlook on the long-term potential of the ecosystem. The milestone of 1 billion transactions marks high adoption of the Layer 2 network, which can aid in stabilizing the SHIB token in the future. As traders navigate uncertain conditions in the crypto market, close attention to key support and resistance levels will be crucial for identifying potential opportunities.