Amid the falling price of SHIB, Shibarium has continued to record increased adoption from market participants, with total wallet addresses and transactions on the layer-2 network hitting new highs.
Launched in August 2023, the Shiba Inu layer-2 scaling solution has met transaction fees and scalability expectations. In particular, Shibarium has introduced lower gas fees and faster transaction processing speed to the Shiba Inu network.
This has drawn more users to Shibarium, as evident in the rising number of wallet addresses, blocks produced and transactions on the emerging blockchain network. Notably, the total transactions executed on Shibarium reached 3,377,966 (~3.4M) on Monday at the time of writing.
As earlier reported by Nitadel, less than 745K total transactions were executed on the Shiba Inu L2 network as of September 2. Therefore, the latest data on the Shibariumscan at press time indicates that over 2.6M transactions have been executed on Shibarium within the past five weeks.
Shibarium Wallets Surpass 1.25M Within Two Months
This impressive activity recorded on Shibarium is largely attributed to the rising number of wallet addresses connected to the L2 network. In particular, exactly 1,252,784 (1.25M) wallet addresses have interacted with the scaling solution within its two-month launch period at press time.
Accordingly, total blocks produced on the network have continued to skyrocket, clinching the 1,053,554 threshold on October 9 at the time of writing. Notably, the average block time on Shibarium stands at 5 seconds, indicating the networks high scalability and fast transaction processing speed.
Amid the stunning growth of Shiba Inu scaling solution, the price of SHIB and BONE have continued to stay low in the past weeks. However, historical data shows that SHIB could surge by 422% this month. Likewise, community members speculate that BONE could be listed on Binance and other top crypto exchanges, citing the renunciation of the Bone Shibaswap token contract by the Shiba Inu team.