Memecoins

Does This Development Have the Power to Boost SHIB Price to $0.00001?

Shibarium, the Layer-2 scaling solution for Shiba Inu, is approaching a significant milestone of 5 million blocks. This achievement highlights the consistent growth and strength of the blockchain ecosystem.

The Shibarium explorer reports that the blockchain is nearing the milestone of 5 million blocks recorded. Blocks are essential for storing transaction data and are key indicators of activity and growth within a blockchain. Binance’s latest update reveals that Shibarium is close to surpassing 5 million total blocks, currently standing at 4,900,607 blocks, with expectations to reach the milestone by the end of the quarter.

Despite a slight decrease in daily transactions from the previous quarter, the overall transactions and wallet interactions on the network indicate a thriving ecosystem, with 417,549,926 transactions and 1,803,996 wallet addresses.

Enhancements and the expansion of the ecosystem have been a focus for Shibarium, with the integration of ShibaSwap, a decentralized exchange, to increase transaction volumes and user engagement. The network has been upgraded with faster processing speeds, predictable gas costs, and improved transaction throughput following the latest hard fork to solidify its position in the market.

While Shibarium’s advancements and growing network activity are evident, including significant whale transactions, the price of Shiba Inu (SHIB) remains relatively stable at $0.00002441. The question remains whether Shibarium’s developments and milestone can propel SHIB’s price to $0.00001, as more market support and buying interest are needed to overcome current resistance levels.

This analysis highlights the potential impact of Shibarium on SHIB’s price and emphasizes the importance of stronger market backing to reach new price levels.

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