Shiba Inu (SHIB) has emerged as a standout player in the world of cryptocurrencies, fueled by the rising optimism surrounding the shibarium, a powerful layer 2 network within the SHIB ecosystem, as well as the ongoing evolution of the ecosystem. Recently, the Shibarium network achieved another remarkable milestone.
The layer 2 solution of Shiba Inu has experienced a remarkable increase in transactions, reaching a record-breaking level as it approached one million transactions. This milestone is of great significance for the network, demonstrating the growing adoption and utilization, as well as the expansion of blockchain technology.
According to data from the Shibariumscan platform, transaction volume witnessed an impressive growth of 228.5% in the past 24 hours, with a total of 958,440 transactions recorded. The previous record was set on March 16, when Shibarium processed a total of 1.04 million transactions.
It is important to note that in early April, Shibarium achieved a significant milestone, surpassing the 4 million mark in terms of total number of blocks on the network. Additionally, the number of wallet addresses reached 1.4 million.
As of the time of writing, the price of Shiba Inu stood at US$0.00002251, experiencing a 4.2% decrease in the past 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,125,315,742. Over the course of the week, the memecoin has witnessed a substantial drop in price, declining by more than 21%.
It is worth mentioning that SHIB cryptocurrency has been facing a significant retracement in recent days, reflecting the overall slowdown observed in the cryptocurrency market. The market experienced a sharp decline due to geopolitical tensions in the Middle East over the weekend. While there was a notable recovery yesterday, most cryptocurrencies have entered a retracement phase once again in the past 24 hours, resulting in significant drops.
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