- Shibarium transactions climbed to a multi-week high of 3 million in a boost to reboot the SHIB price.
- Shiba Inu remains analysts’ favorite with expectations to touch $0.01 in the long term.
Shibarium, the layer-2 blockchain designed for the Shiba Inu (SHIB) meme coin, has now exceeded 3 million transactions, prompting investors to speculate whether SHIB is set to reach the $0.0001 mark.
The Surge in Shibarium Transactions
Celebrating this milestone, the official Shiba Inu ecosystem’s X account expressed optimism about the potential for even higher transaction volumes, stating,
“Approaching 3 million transactions… and the day isn’t over yet! Wishing the ShibArmy an amazing week ahead.”
Starting from 1 million transactions on February 16, the count escalated to 2.44 million by February 18 before eventually hitting the 3 million mark. This exponential growth in transactional activity indicates a vibrant ecosystem and increasing engagement within the Shiba Inu community. Furthermore, the number of wallets engaging with Shibarium has grown to 1,361,501, indicating broader adoption and participation in the platform’s ecosystem.
This surge in Shibarium’s activities follows a period where daily transactions dipped to around 1.07 million, making the current spike all the more remarkable. Similar instances of heightened activity were observed in mid-December, with daily transactions peaking at around 7.5 million. Notably, during Shibarium’s mainnet launch, the network saw an average of 200,000 transactions daily, which has since seen exponential growth.
Notably, Shibarium’s daily transactions have soared to 4.21 million, according to the latest data. Concurrently, DeFiLlama data indicates a surge in Shibarium’s Total Value Locked (TVL), surpassing the $1 million milestone earlier this month.
These achievements align with the community’s efforts to expand the token’s ecosystem, particularly with the anticipation surrounding SHEboshis Non-Fungible Tokens (NFTs) and KNINE utility tokens.
Lucie, Shiba Inu’s content specialist, hinted at forthcoming developments, outlining the team’s vision for the Shibarium ecosystem between 2024 and 2025. A key focus of this roadmap is enhancing Decentralized Application (dApp) utilization and forging strategic partnerships to drive growth. These initiatives are expected to strengthen Shibarium’s gas token, BONE, and support the ongoing SHIB burn campaign.
Impact on SHIB Price Potential
The recent surge in Shibarium network activity has fueled optimism among community members regarding the price of SHIB.
Historical data indicates that when Shibarium’s daily transactions averaged 7 million in December, the price of SHIB also experienced substantial gains, surging from $0.00000850 to a monthly high of around $0.00001115, marking an increase of 31.17%.
SHIB is currently trading below $0.00001 at $0.000009547, with a market capitalization of $5.5 billion. However, over the past two weeks, the meme coin has shown a 10.2% surge, moving from $0.0000088 to $0.0000098.
Analysts are closely watching for a potential breakout from a cup and handle chart pattern, with projections suggesting a surge of over 21% if this occurs with strong volume.
Analyst Ali Martinez has identified a buy signal on the Shiba Inu chart, suggesting a potential upswing to $0.011, representing an extraordinary rally of 112,259% from its current price.
