Shiba Inu L2 Blockchain Shibarium Approaches Major Milestone

Despite the decline in daily transaction count, Shiba Inu’s L2 blockchain Shibarium is less than 4 million transactions away from hitting the 300 million mark.

Shiba Inu’s Layer-2 scaling solution, Shibarium, is close to achieving another groundbreaking transaction milestone.

Shibarium Approaches 300 Million Transactions

According to data from Shibariumscan, the total number of transactions processed on the popular L2 blockchain is approaching 300 million.

At the time of writing this line, the number of transactions was 296,505,213 (296.5 million). In addition, the network also boasts a daily transaction count of 1.96 million.

The development comes less than a month after Shibarium hit the 200 million transaction milestone, prompting lead developer Shytoshi Kusama to describe the feat as a moonstone.

Sibarium Daily Transaction Count Decreases

Shibarium has enjoyed widespread adoption since December 2, 2023, when its daily transaction count spiked above 7 million. For most of December, Shibarium’s daily transactions averaged 7.5 million.

However, the network’s daily transaction count has drastically reduced since the beginning of this month. The figure has been fluctuating between 1 and 3 million recently.

Despite the low daily transaction volume, Shibarium is still on track to hit the 300 million milestone. The popular L2 blockchain is now less than 4 million transactions away from hitting the 300 million mark.

Impressive Performance in 5 Months

It bears mentioning that Shibarium achieved this jaw-dropping feat just five months after its mainnet launch. Recall that Shibarium’s mainnet launch occurred on August 16, 2023. However, the network encountered a major technical glitch a few hours after its launch, which put it in developer-only mode for nearly two weeks.

As a result of intensive scaling, the network resumed operations fully on August 28 and has gone ahead to achieve mind-boggling stats in five months.

Other Impressive Shibarium Stats

Aside from its transaction count, Shibarium also boasts other impressive stats. For instance, the number of wallet addresses that have interacted with the network currently sits around 1,342,388 (1.34 million).

Additionally, the network has also minted 2,737,674 (2.73 million) blocks, with an average block time of 5.0 seconds.

In the hours leading up to press time, the price of SHIB was up 2.3% over the past 24 hours to $0.00000945. Despite its gain in the past day, SHIB is down 4.1% and 8.8% on the weekly and monthly charts, respectively.

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