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Shiba Inu’s layer-2 blockchain Shibarium has breached the 100 million transaction milestone. This brought more exposure to SHIB which has led to a big jump in price. According to Coingecko, the token is up nearly 8% in the weekly, with the biggest bump happening in the bi-weekly timeframe at 23%.
Shibarium’s recent achievement isn’t the only thing positive on SHIB this week. With the broader market seemingly ending the year on the green, Shiba Inu aims to follow suit.
Shibarium In The New Age
According to Shibariumscan, the L2 chain has been experiencing an exponential jump since its official launch back in August this year.
Today, December 14, daily transactions reached 7.36 million with the total transactions processed reaching 105.2 million. This growth can be attributed to the dev team’s recent activities behind the scenes.
Source: Shibariumscan
This year, Shibarium is set to transition from the Goerli Network to the Sepolia Network as its layer 1 chain.
“This strategic shift is instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts. This is planned to go live [on] December 15th, 2023 by which the current Puppynet will stop working,” the dev team announced earlier this month.
SHIB market cap currently at $5.909 billion. Chart: TradingView.com
According to the blog post, SHIB burns come in two phases: manual and automatic. As of writing, Shibarium is in the manual phase with an estimated 3 massive manual burns coming this month. This would further decrease the supply available on the market, placing upward pressure on SHIB’s price.
Another influence on SHIB’s price is the broader market rally observed in the past few days. Coingecko data shows that the market is up nearly 6% in the daily timeframe. If this trend continues, SHIB will continue to give gains to the bulls.
Bulls Aim To Knock Another Zero Off
SHIB is currently on its way to knock another zero off of its price as the bulls break through the $0.00000997 price level. If the bulls can stabilize the token at this price point, further gains can be speculated shortly.
However, the over-reliance of SHIB’s price action on major coins like ETH and BTC might be a problem in the long term. As of writing, the market’s current trajectory is held only Bitcoin’s very bullish past few days. If this streak ends, SHIB will face a very bloody week.
Featured image from Shutterstock
