Shibarium is on the cusp of reaching a notable transaction landmark as it edges closer to the 300 million mark, amidst the unpredictable market price of Shiba Inu. Current indicators from Shibariumscan reveal that the layer-2 scaling solution tailored for Shiba Inu is tantalizingly close to this significant numeric threshold, suggesting that its rollout has been not only successful but also well-received. Despite Shiba Inu’s struggle to achieve appreciable gains over the past month, market observers are keenly watching Shibarium’s transactional growth, speculating whether such milestones might positively influence the meme coin’s valuation, if only for a transitory phase.
Since Shibarium came online in August 2023, its trajectory has been largely upward, with Shiba Inu whales and assorted investors showing strong preference for the platform. A bullish beginning was signaled as it swiftly processed in excess of 3 million transactions within its inaugural month, a testament to its immediate market resonance.
Subsequently, Shibarium experienced a transactional surge toward the latter part of the year, rapidly exceeding transactional benchmarks one after the other. December alone witnessed a daily average transaction count exceeding 7.5 million.
However, come January, a dip in the daily transaction volume was observed. This was, however, punctuated by a notable boost following Shibarium’s recent collaboration with the crypto exchange Gate.io. Despite the general downtrend, the steadfast number of overall transactions indicates a consistent level of activity across the platform. At the moment, Shibarium boasts 2.75 million transactions in the last 24 hours, amounting to an aggregate of 299.4 million transactions spread across 2.75 million blocks.
The crypto community now ponders on the potential repercussions that reaching this impending transactional milestone may have on SHIB’s price. As it stands, SHIB’s inherent value proposition is increasingly entwined with Shibarium’s adoption and utilization rates, and SHIB’s valuation has shown sensitivity to developments regarding the platform. Fluctuating beneath the $0.00001 level since the outset of the year, the 300 million transaction marker may instigate a price surge that many investors are hopeful for.
Trader interest and confidence in the ecosystem are often linked to higher platform usage. Additionally, transaction fees generated on Shibarium present an opportunity to reduce SHIB’s circulating supply through token burns, which could, in turn, invoke a rise in SHIB’s token value.
SHIB’s market capitalization currently hovers around $5.6 billion, with the coin trading at a modest $0.000009474, marking a 13% dip since its peak at $0.0000109 on January 2nd. Analyses of the coin’s price movement reveal testing of support levels at $0.0000087 and $0.0000089 throughout January, with a trio of rebounds. Data indicates that around 78.92 trillion SHIB tokens acquired within these bands are now providing a bedrock of support.
BONE, the designated gas token for Shibarium, echoes the prevailing market sentiment. At present, BONE trades at $0.6179, having retreated by 18% over the past month. This mirrors the wane in daily transactions on Shibarium. However, the attainment of a new transactional height may provoke an upswing in daily usage, consequently increasing BONE’s utility and possibly prompting a growth in its price point.
