Shiba Inu's L2 Shibarium Breaks Crucial Milestone

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Shibarium, the Ethereum-based layer-2 scaling solution of the Shiba Inu ecosystem, has printed a major milestone on its mainnet. Per data insights from Shibariumscam, Shibarium's total blocks have surpassed seven million. Per actual figures, this block count figures comes in at 7,101,728, a milestone breached after the sharp upticks recorded at intervals during the month.

Shibarium stats at glance

Many metrics define the growth and evolution of the Ethereum layer-2 protocol. Over the past year, its average block time has soared from 4.0 to its current 5.0, proof of slower throughput.

However, the total transaction count has been steadily climbing, reaching 418,292,669. In a corresponding shift, total wallet addresses have topped 1,823,000. Shibarium has recorded a mix of upgrades and adoption in the past few months. However, most fundamental updates hardly translate into actual Shibarium or SHIB price metrics.

Earlier this month, Shiba Inu unveiled plans to launch the SHI stablecoin. This update triggered a rally in the price and daily transaction count of SHIB, but the growth was short-lived. 

The on-chain data showed that daily Shibarium transactions have dropped from 11,230 as of Sept. 27 to 3,190 today. This lack of uniformity in Shibarium's growth metrics marks a bearish twist that stakeholders must watch.

Shiba Inu in mix

Overall, the Shibarium outlook has a major bearing on the performance of the underlying token. As of press time, Shiba Inu has pared its gains in the past week. It is changing hands for $0.00001822, down by 7.81% in 24 hours. Over the past week, the token has increased by more than 36%, underscoring that buyers are largely in charge.

It is hard to predict how Shiba Inu’s core growth metrics will perform in the long term. However, Shytoshi Kusama and the SHIB team are always unveiling new partnerships, projects and services, so investors will always have reasons to bet on the token.