Shiba Inu's Shibarium Nears 200 Million Transactions Despite Price Decline

Shibarium, Shiba Inu’s Layer 2 (L2) solution, approaches a significant milestone with nearly 200 million transactions.
Shiba Inu’s social dominance surges, outpacing other meme coins, despite challenges in its price performance.

The blockchain sphere is abuzz with excitement as Shibarium, Shiba Inu’s Layer 2 (L2) solution, edges closer to a significant milestone. This surge in activity aligns with a noteworthy uptick in Shiba Inu’s social presence, underscoring its escalating popularity.

With Shibarium hovering just 1.3 million transactions away from breaching the 200 million mark, data from Shibariumscan.io illustrates a substantial surge in L2 adoption. Presently, Shibarium boasts an impressive 198.7 million processed transactions and hosts a network of 1.3 million wallets, demonstrating robust network expansion.

Amidst the buzz surrounding meme coins, a recent tweet by CryptoDep highlighted Shiba Inu’s dominance within this category. On December 26th, SHIB led the chart in social activity among meme tokens, recording a remarkable 64.2 million social interactions and capturing a 0.41% social dominance.

This surge propelled SHIB to the forefront, surpassing popular tokens like Dogecoin (DOGE) and BONK, according to CryptoDep’s report.

⚡️TOP #MEME Tokens by Social Activity $SHIB $DOGE $BONK $PEPE $FLOKI $QUACK #BABYDOGE $VINU $TSUKA $YOOSHI pic.twitter.com/vyOo0KEMLV

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 26, 2023

Investor Sentiment Amid Price Struggles

Despite these encouraging developments, Shiba Inu investors confront a challenging market as the token faces bearish pressure. Recent data from CoinMarketCap unveils a 4% decrease in SHIB’s price over the last 24 hours, trading at $0.00001045 with a market capitalization exceeding $6.16 billion. This downtrend is further evidenced by a notable spike in trading volume.

Interestingly, investors seem to view this dip as a buying opportunity, evident in the reduction of SHIB’s supply on exchanges coupled with an increase in addresses holding the token outside exchanges, indicating a surge in buying interest. Additionally, Shiba Inu’s network continues to experience robust growth, signaling an influx of new addresses for meme coin transactions.