Shiba Inu’s Shibarium Sees 40% Surge in Daily Transactions: What’s Behind It?

• Shibarium network witnesses a significant 40% increase in daily transactions, reaching 4.21 million.
• Despite the transaction surge, the SHIB token price faces a 3% decline in the last 24 hours.
• CoinCodex predicts SHIB price to potentially reach $0.00001055 by March 22.

Shiba Inu’s (SHIB) Shibarium network has recently experienced a remarkable surge in daily transactions, marking a notable 40% increase. The network recorded a staggering 4.21 million transactions on February 20. 

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This surge reflects a significant uptick in user activity and engagement within the Shibarium ecosystem. Despite the surge in transaction volume, the price of the SHIB token has seen a slight downturn, facing a 3% decrease over the past 24 hours. 

Looking ahead, CoinCodex has made predictions regarding the future price of the SHIB token. According to their forecasts, the price of SHIB may potentially reach $0.00001055 by March 22. This projection suggests an 11% increase from the current trading price. 

The Shibarium network has also witnessed significant growth in its user base, with the number of wallet addresses surpassing the milestone of 1 million. Currently, there are 1,361,506 wallet addresses registered on the network, indicating a growing community of users and stakeholders.

Additionally, data from Shibariumscan reveals that the total number of blocks created on the network has reached 3,289,272. This metric underscores the network’s robustness and its ability to handle increasing transaction volumes efficiently.

In tandem with these developments, the Shiba Inu ecosystem continues to implement its token burning mechanism, albeit at a modest rate. Only 2 million SHIB tokens were burned in the last 24 hours, reflecting the ongoing efforts to manage token supply and bolster the token’s value over time.

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