Shiba Inu’s layer-2 scaling solution, Shibarium, has recently seen its number of daily transactions plunged from around 2.5 million transactions per day to 500,000 in a short-lived slowdown, before it the number of daily transactions rebounded to 2 million.
The surge comes at a time in which the cryptocurrency’s layer-2 network is approaching the 350 million total transaction mark, having already processed over 3.1 million blocks with an average block time of little over 5 seconds.
The network, it’s worth adding, currently has 1.35 million wallet addresses on it. Despite Shibarium’s growing adoption, the meme-inspired cryptocurrency’s price has failed to keep up with the wider cryptocurrency market, having falling over 26% over the past 12 motnths and nearly 5% in the last 30 days.
Investors nevertheless appear to be betting on the meme-inspired cryptocurrency, with a prominent SHIB communit members recently pointing out that data from Arkham Intelligence shows that the commission-free trading platform Robinhood (NASDAQ: HOOD) currently has 36.684 trillion SHIB tokens in its wallet.
The data shows that in a single day, the trading platform’s Shiba Inu wallet added an additional 231 billion tokens, seemingly as investors on the platform are accumulating the meme-inspired cryptocurrency, adding to its wallet.
It’s worth noting that cryptocurrency exchange wallets don’t represent the holdings of the trading platform itself, but rather represent the holdings of its users. Often, these large wallets keep the funds safe under cold storage as users trade within the platform.
Featured image via Unsplash.
