Shibarium Hits Record 3.24M Daily Transactions

The Shiba Inu network’s Shibarium is experiencing a massive surge in daily volume, recording over 3.2 million transactions in one day.

Shiba Inu’s Layer-2 blockchain solution, Shibarium, has gained notable momentum after a slowed growth over the past few months. In recent days, key performance indicators have risen sharply, signaling a promising turnaround for the blockchain.

Previously, the Shibarium network has struggled to keep pace with rivals like Ethereum-based protocols such as Base, Optimism, and Arbitrum. However, this recent resurgence could enable Shibarium to strengthen its presence in the increasingly competitive Layer-2 market.

Shibarium Reaches Transaction Milestone

According to data from Shibarium’s official account, the Layer-2 blockchain hit 2,133,111 transactions as of October 23.

2.133.111+ transactions daily! 🚩#Shibarium is leveling up with over 2 million transactions. pic.twitter.com/SOQqR7wtr0

— Shibarium Network (@ShibariumNet) October 23, 2024

Meanwhile, the updated record shows that users’ activities continue to climb, and the transaction volume is now at 3.24 million as of this report. Accordingly, Shibarium has processed over 423 million transactions across 1.86 million wallets.

These figures underscore increased user confidence in Shibarium’s capabilities, particularly in efficiently handling decentralized applications (dApps). The boosted network activity could drive higher demand for SHIB as a utility token within the ecosystem amid the meme coin’s weekly decline of 2.7%. 

Today, Shiba Inu’s price is $0.00001758, with a 24-hour trading volume of $419 million, reflecting a 1.14% drop over the past day.

Shibarium’s TVL Record 

Approximately three weeks ago, Shibarium achieved a significant milestone. Lucie, Shiba Inu’s marketing specialist, announced that the network’s Total Value Locked (TVL) reached an all-time high (ATH) of $7.03 million (ATH). She noted that the TVL set new ATHs daily, indicating growing investor commitment to Shibarium-based DeFi applications.

This consistent growth in TVL signals ongoing capital inflows, suggesting sustained interest and trust from investors in Shibarium’s DeFi ecosystem.

However, while the TVL metrics highlight the network’s growth potential, the protocol remains under pressure to maintain these figures. As of this writing, the Total Value Locked has since fallen back to levels near $3 million.

Rug-Pull on Shibarium

While Shibarium’s growth has been notable, it recently faced a negative incident with the BEAST token rug pull. Last month, the BEAST team closed all communication channels after draining investor funds.

The BEAST token was listed on the Shibarium-based ChewySwap on September 20. It was initially paired with Wrapped BONE (WBONE), adding 7 million BEAST and 2,950 WBONE in liquidity. Shortly after, investors committed between $20 and $300 to the token, but liquidity was suddenly withdrawn two hours later, resulting in a sharp price crash.