Shiba Inu dips as Shibarium breaks through 1b in transaction volume for the first time
The price of Shiba Inu (SHIB) has dropped nearly 5% in the past trading day, despite the Shibarium layer-2 network reaching a major milestone with total transactions surpassing 1 billion for the first time in history.
According to data from crypto.news, SHIB is down 4.8% over the past 24 hours, currently trading at $0.0000122. The token has dropped nearly 18% over the past week and 13% over the past month.
Despite the decline, Shibarium, a blockchain built on Ethereum that aims to enhance the Shiba Inu ecosystem, has reached a major milestone. According to data from Shibariumscan.io, the network has processed a total of over 1.005 billion transactions since its launch in August 2023.
The milestone is particularly notable given that it took Shibarium just about two years to reach 1 billion transactions, while Bitcoin took 15 years to reach the same total transaction volume.
After Shibarium reached this milestone, Shiba Inu experienced a small increase in transaction activity. SHIB's transaction volume increased by nearly 20% to $229 million in the past 24 hours.
On April 2, Shibarium's daily transaction volume reached 4.05 million with an average block time of 5 seconds per transaction. The ecosystem currently has over 194 million interacting addresses and over 10.25 million blocks.
By the end of March, Shibarium's total value locked (TVL) had increased by 24% to $2.5 million. In the Shibarium ecosystem, ShibaSwap's TVL increased by 37%, while WoofSwap and ChewySwap increased by 31% and 20%, respectively.
Although the price of SHIB is falling, Shibarium's development and growth shows the long-term potential of the Shiba Inu ecosystem.
