Altcoins

Shiba Inu Layer-2 Scaling Solution Shibarium Surpasses Major Milestone as $SHIB Price Soars

Shiba Inu’s layer-2 scaling solution Shibarium, meant to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other improvements, has recently surpassed a major milestone, having processed over 400 million transactions since launch.

According to data from Shibariumscan, the layer-2 scaling solution has processed a total of 400.7 million transactions across over 3.54 million blocks, with over 1.36 million wallet addresses having been created on the network. Shibarium hit the 300 million transaction mark back in January of this year.

The number of daily transactions being processed on Shibarium has been fluctuating between 1.3 million and over 4 million over the last few weeks.

Congratulation to everyone on #Shibarium !
400 M transactions! pic.twitter.com/zVYJmgX98A

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) March 7, 2024

The milestone was surpassed at a time in which the price of the meme-inspired cryptocurrency has been surging, as it moved up over 160% over the last week and more than 245% in the last 30-day period, amid a wider cryptocurrency market rally.

Notably, SHIB recently saw a cryptocurrency whale shift their portfolio from a popular meme-inspired cryptocurrency that went up over 900% over the past year to bet on it.

On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE memecoin, a green frog-themed token that moved up exponentially over the past year.

The investor reportedly booked a $3.49 million gain and diversified their holdings into other cryptocurrencies after depositing nearly 2 trillion PEPE, worth over $6 million, onto leading cryptocurrency exchange Binance.

One notable allocation was into 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests the whale believes SHIB may offer more significant upside potential compared to PEPE.

Featured image via Unsplash.

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