Shiba Inu’s Shibarium Shocks With 3,370% Transaction Surge—What’s Fueling This Massive Spike?

Shiba Inu’s Shibarium saw an astonishing 3,370% jump in transactions within days, skyrocketing from 3,690 to over 324,000. The surge hints at growing community adoption, though the exact trigger remains unclear.

Shibarium Transactions Surge by 3,370%

Transactions on the layer-2 blockchain network for Shibarium spiked dramatically over the weekend, shocking the community previously. The number of layer-2 transactions increased from 3,690 on October 17 to a peak of 324,590 on October 19, according to statistics from Shibariumscan.

The enormous transaction boom is preserved via the Shiba Inu scaling solution, as seen on-chain. The daily transaction came in at 128,050, representing a 3,370% surge in a matter of days, but it has dipped from the current peak set on Oct. 19.

What spurred this enormous upsurge in transactions is still a mystery. But it does highlight how Shibarium can increase its bandwidth based on the community's adoption spike.

Last Year’s Boom in Shibarium Transactions

Daily Shibarium trades were in the millions about this time last year. Ordinal inscriptions on the protocol cause the transaction count to spike to 11 million on certain days, which is seen by many as a boom. Although Shibarium's ecosystem is experiencing a number of encouraging developments, it is not yet apparent which future innovation is contributing to the upbeat mood.

Also, when exactly the sustained transaction growth increase will occur is still up in the air, U.Today points out.

Shibarium's Struggles to Compete With Rivals

This long-overdue trend of an increase in Shiba Inu layer-2 transactions deserves attention. Shibarium has been unable to keep up with its main competitors due to its extended history of declining results.

Thanks to this improvement in transactions, the protocol may be able to challenge other L2 protocols built on Ethereum, such as Base, Optimism, and Arbitrum. Because it has the potential to increase SHIB's demand in the future, the endpoint is massive.

Shiba Inu’s Future Products and Market Potential

At the end of the day, Shiba Inu's planned products, such as the SHI stablecoin, may have an eager customer base.

The meme coin was trading at $0.00001819 as of this writing, a 4.03% decrease over the past 24 hours. With the expectation that sentiment would shift, the token's market valuation is $10.71 billion, and the price forecast is being reshaped.

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