Shiba Inu Coin’s Milestone, Shibarium Growth Indicates At SHIB Rally to $0.01?

Coingapestaff
October 25, 2024 Updated October 26, 2024
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Shiba Inu Price Eyes Rally As Shytoshi Kusama Hints At 'More TREATS' For SHIB

Highlights

  • Shiba Inu's marketing lead spotlights remarkable growth for the meme coin's Layer 2, Shibarium.
  • The total number of accounts on the network and daily transactions saw a noteworthy rise.
  • SHIB price jumped in tandem with Shibarium growth and burn rate surge, garnering investor optimism on future movements.

Shiba Inu coin on Friday ignited a torrent of optimism across the broader crypto market by securing a landmark achievement. The meme coin’s marketing lead, LUCIE, recently spotlighted a remarkable growth spurt for the layer 2 blockchain, Shibarium. Notably, with the daily transactions and the total number of accounts on the layer 2 blockchain witnessing a substantial rise, market watchers anticipate a $0.01 price target for SHIB ahead.

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Shiba Inu Coin Makes Landmark With Phenomenal Shibarium Growth

In an X post by Lucie dated October 25, the marketing lead revealed that Shibarium transactions are witnessing a phenomenal surge. As per her post, the daily transactions on the network reached 4.77 million recently. This surge underscores rising user interaction for the L2, hinting that the top meme coin is gaining significant traction across the landscape.

Shiba Inu L2 Shibarium transactions

Further, according to Lucie, the growth marks the beginning of major developments on the network. These developments encompass projects like ShibaSwap, among other Shibarium projects. Also, the total number of accounts on the Layer 2 surged to over 160K, adding to investor enthusiasm surrounding the coin’s Web3 venture.

Shibarium accounts

Meanwhile, Lucie also shared vital insights on the future of gas fees on the network. Notably, a $0.01 fee could be seen ahead, given that 100 million wallet users use the network actively. Lucie added, “just like with ETH, the price of gas is driven by traffic,” sparking further market discussions over Shibarium transaction fees ahead.

Overall, the abovementioned developments underscore growth for the Shiba Inu coin’s layer 2, in turn garnering significant optimism toward the meme token. Additionally, a phenomenal 65000% spike in the SHIB burn rate reported recently has added an extra layer of bullishness surrounding the crypto’s future movements.

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SHIB Price Gains Momentum

Riding along the back of Shibarium growth and burn rate surge, the renowned dog-themed meme crypto is currently mirroring bullishness. At press time, SHIB price noted gains worth 1% intraday and is currently trading at $0.0000178. Its intraday low and high were 0.0000175 and $0.00001815, respectively.

However, despite the abovementioned optimistic developments, Coinglass data indicated a marginal 0.6% drop in futures OI to $50.22 million. Moreover, even the derivatives volume dipped 33% to $87 million, raising market concerns.

Nevertheless, it’s worth mentioning that CoinGape Media also reported a massive surge in the SHIB burn rate amid rising Shibarium activity recently, indicating that SHIB price rise to $0.01 lies ahead, which is also much anticipated by the meme crypto’s community. In addition, it’s noteworthy that the Shib Doggy DAO and Foundation launch remains imminent, bringing further optimism to the meme crypto. Overall, in light of recent advancements, the much-eyed price target by Shiba Inu coin’s community, $0.01, may be achievable in the future.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.