Bitcoin

Shiba Inu’s Shibarium Network Marks Historic Milestone, Catalyst For A Surge?

2 Mins read

The Shibarium network, which was developed by the Shiba Inu team, has been seeing a lot of adoption over the last few months. This rapid adoption has led to new highs for the network across various metrics, with the latest happening across the number of blocks that have been produced.

Blocks On Shibarium Network Cross 3 Million

In an interesting turn of events, the number of blocks that have been produced on the Shibarium network has now crossed the 3 million milestone. This is in stark contrast to the shaky start of the Ethereum Layer 2 network, which saw rather lackluster performance. Things began to change toward the end of 2023 when transaction volumes picked up, and the number of blocks created rose in response.

The Layer 2 network also kicked off the year 2024 in grand style as the average number of new blocks created daily saw a significant uptick. According to data from ShibariumScan, as of January 5, an average of 14,000 new blocks were created daily. However, this would change on January 6, when the number of new blocks averaged around 17,000.

Over the next few weeks, the network has been able to mostly maintain this 17,000 new blocks average. On February 4, the Shibarium network saw a total of 17,226 new blocks created, keeping in line with this newfound average.

However, the average block size has not followed the same path. Block size on the Shibarium network peaked earlier in January at 56,597 bytes, but by February 4, the average block size was 22,633, representing a more than 50% decline in the average block size.

Shiba Inu price chart from Tradingview.com (Shibarium)

SHIB price rises to $0.000009 | Source: SHIBUSD on Tradingview.com

Can This Catalyze A Shiba Inu Price Rally?

Despite being developed by the Shiba Inu team, the numerous milestones of Shibarium have not seemed to spill over into the SHIB price. For example, even though the network is celebrating crossing the 3 million blocks milestone, it has not been reflected in the SHIB price.

The reverse is actually the case here where the SHIB price is seeing a decline over the last day, as well as on the weekly chart. At a price of $0.0000089, the SHIB price is currently down 0.9% on both the daily and weekly charts, respectively.

This suggests that there is no direct correlation between the achievements of the Shibarium network and the Shiba Inu price. Rather, a direct correlation is more prominent in BONE, another cryptocurrency issued by the Shiba Inu team. This is because BONE currently serves as the base utility token for the Shibarium network, with which users pay fees to carry out transactions.

Featured image from Watcher Guru, chart from Tradingview.com


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