Shibarium, the layer-2 blockchain of Shiba Inu, has achieved a significant milestone, signaling a renewed interest in the project. According to data from Shibariumscan, a platform dedicated to monitoring Shibarium’s progress, there has been a remarkable 254% surge in new accounts between February 1st and February 3rd.
Milestone Achievements
The daily count of new accounts surged from 24 on February 1st to an impressive 61 on February 3rd, indicating a substantial spike in network activity. This surge in user engagement is often associated with potential price volatility, typically in a positive direction. It’s worth noting that unlike most blockchains, where the native token takes center stage, Shibarium operates with its own token, BONE.
Other noteworthy achievements include the total number of addresses on the network surpassing 1.35 million, a total of 1.437 million BONE transfers, 3.012 million total blocks, and 333.481 million total transactions. These accomplishments are particularly significant considering the bearish market conditions and the intense launch of the project in the middle of the previous year.
Shibarium’s Purpose and Utility
Shibarium’s establishment aligns with Shiba Inu’s broader objective of transcending its memecoin status. By introducing a Layer-2 blockchain, the network gains the ability to deploy contracts and launch various blockchain-related products and applications. This strategic move positions Shibarium to compete with established networks like Cardano, Ethereum, Solana, and Polygon.
BONE, being the gas token and validator stake on Shibarium, stands to benefit significantly from the increased interest and activity on the network. As user engagement grows, demand for BONE is expected to rise. Simultaneously, Shiba Inu’s native token, SHIB, is likely to experience positive momentum and witness a rally.
Current Token Performance
At present, SHIB is trading at $0.00000901, experiencing a slight decrease in the last 24 hours. On the weekly chart, the memecoin has encountered a minor 1% downturn, reflecting the broader bearish trend affecting various cryptocurrencies.
With a market cap of $5.3 billion, SHIB holds the 19th position among cryptocurrencies by market cap, surpassing Litecoin, which launched almost a decade earlier than Shiba Inu.
BONE is currently valued at $0.5465, showing a marginal drop of less than 1%. Despite being the 300th-ranked cryptocurrency with a market cap of $125,557,180, the token has experienced a nearly 3% increase in trading volume over the last 24 hours, reaching $4,589,316. This heightened volume signals a potential imminent price change, possibly indicating a period of turbulent price movement.
Exchange Support and Integration
In recent weeks, Shibarium has garnered support from major cryptocurrency exchanges, further amplifying interest in the project. The most recent integration is with the 11th-ranked crypto exchange, Gate.io, based on spot trading, contributing to Shibarium’s growing prominence in the crypto ecosystem.