Shiba Inu Price Soar as Shibarium Records Major Milestone

Shibarium, the Ethereum-based Layer-2 (L2) scaling solution of the Shiba Inu (SHIB) ecosystem has broken a new landmark milestone. According to data insight from the Shibariumscan, the L2 network now have a total of 2 million wallet addresses registered onchain.

The Shibarium Hype is Worth It

Per the data, the actual number of wallet addresses now hosted on the network is 2,003,042. It took the protocol approximately 16 months from when it launched to achieve to achieve this feat.

The Shiba Inu explorer also detailed other impressive milestone for the protocols. Overall, it has processed 620,449,455 transactions while maintaining an average block time of 5 seconds. Shibarium crossed the 500 million transaction milestone in November as it processes an average of 4 million transactions daily.

Meanwhile, it has registered a total block production worth more than 8.2 million.

Despite starting out as a memecoin, Shibarium has helped expand the influence in the Shiba Inu ecosystem. It has managed to achieve this feat per boost from its partners. As top developer Kaal Dhairya noted, one of its ecosystem partners Zama has released fhEVM Coprecessor.

I’m incredibly proud of our partners at @zama_fhe for introducing the #fhEVM coprocessor, paving the way for confidential and verifiable onchain experiences. My protocol team is working closely with @zama_fhe incredibly talented team to bring this groundbreaking vision straight… https://t.co/XplFTRhp7r

— Kaal (@kaaldhairya) December 6, 2024

As pointed out, this innovation will soon launch on Shibarium, completing related product launches that has helped it grow its user count to date.

Shiba Inu Price Benefitting from the Hype

Amidst the growth in the Shibarium ecosystem, Shiba Inu comes off as one of the biggest beneficiaries.

At the time of writing, the token was changing hands for $0.00003232, up by 3.75% in 24 hours. It has grown from a low of $0.00003036 to a high of $0.00003316 within the past hour. When compared to the past month, SHIB has skyrockected by 20.47%.

Shiba Inu’s growth stems from the more than 3 billion SHIB burn recorded over the past week. In addition, the digital currency has maintained its hype as the second-largest memecoin in the market, benefitting from the D.O.G.E narrative that Elon Musk is fueling.

With Shibarium recorded new milestones, SHIB has a brighter anchor to sustain its ongoing bull rally.

Read More: Will Shiba Inu Price Hit ATH By 2025?