In a recent development, Shibarium, the layer 2 network for Shiba Inu, has seen a remarkable surge in transactions, reaching an impressive 250 million. This surge comes on the heels of significant endorsements from major cryptocurrency exchanges, signaling a positive shift in the Shiba Inu ecosystem.
The surge in Shibarium transactions began late last year, with a steady growth in late December, peaking at 7.5 million daily transactions. The momentum continued into the first week of 2024, culminating in a substantial spike to 250 million total transactions. However, the past week witnessed a temporary slowdown, as daily transactions dropped from 7.8 million to 1.16 million on January 13.
Recent data indicates a renewed increase in network activities, with daily transactions experiencing a marginal surge to 1.97 million in the past 24 hours. Since its launch in August 2023, Shibarium’s network metrics have consistently shown positive growth, boasting a total of 285,079,328 transactions, 1,333,045 wallet addresses, and 2,657,777 blocks as of the latest update.
The catalyst behind this surge appears to be the announcement of support for Shiba Inu’s layer 2 network by the renowned cryptocurrency exchange, Gate.io. Lucie, a prominent member of the Shiba Inu team, publicly expressed gratitude, stating, “Huge shoutout to @gate_io for introducing #Shibarium support! Now, easily purchase and send Bone to #Shibarium through Gateio. Appreciate this. Thank you.” This support enables users to withdraw Shibaswap (BONE) tokens to compatible wallets such as Metamask.
Gate.io is not the only exchange expressing interest in Shibarium. Last month, Australia-based crypto exchange GroveX declared its intention to integrate with the network, seeking collaboration with the Shiba Inu team. Vet Kusama, a team member, responded positively, paving the way for seamless integration. This integration allows enthusiasts to trade Shiba Inu and facilitates the listing of tokens created on the Shibarium chain.
Gate.io is not the only exchange showing interest in Shibarium. Last month, Australian-based exchange GroveX expressed its intention to integrate with the network. The exchange’s goal is to establish a connection with a Shiba team member to facilitate seamless integration and seek clarification on various aspects of the chain. Vet Kusama, a Shiba Inu team member, expressed willingness to collaborate, paving the way for GroveX to enable Shiba enthusiasts to trade on the Shibarium chain and list tokens created within the ecosystem.
It’s worth noting that Turkey-based Bitcointr has already made strides in supporting Shibarium, becoming one of the first exchanges globally and the first in the country to successfully integrate the chain onto its platform. This integration enables Bitcointr to provide support for a variety of tokens within the Shiba Inu ecosystem.
Despite the positive developments surrounding Shibarium, the overall market sentiment for Shiba Inu currently remains bearish. The cryptocurrency is trading at $0.00001, experiencing a 0.5% decline in the last 24 hours. However, investors have seen a 3% gain in the last seven days, prompting analysts to predict a potential increase to $0.000027 by the end of the year.
Notably, Turkey-based Bitcointr was one of the early adopters, becoming the first exchange in the country to support Shibarium. The successful integration empowers the exchange to provide comprehensive support for the diverse range of tokens within the Shiba Inu ecosystem.
Despite recent market challenges, with Shiba Inu trading at $0.00001 and experiencing a 0.5% decline in the last 24 hours, analysts remain optimistic. Over the past seven days, investors have seen a 3% gain, with predictions suggesting a potential rise to $0.000027 by the end of the year.
Similarly, Bone, the companion token, is trading at $0.655789, reflecting a 4% surge in the last 24 hours and a 6% gain over the past week. Market sentiment remains neutral, and analysts anticipate a potential rise to $1.84 this year, with a worst-case scenario projection of $1.44.
In summary, Shibarium’s recent transaction surge is indicative of the growing support and integration from major cryptocurrency exchanges. Gate.io, GroveX, and Bitcointr’s endorsements underscore the increasing recognition of Shiba Inu’s layer 2 network. As market trends continue to evolve, enthusiasts and investors alike are closely monitoring the Shiba Inu ecosystem for further developments and potential opportunities.
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