Shibarium, the layer-2 solution of the Shiba Inu (SHIB) network, has seen a jump in the number of daily transactions. In just four days, Shibarium transactions increased by an outstanding 1451%.
1451% Shibarium transaction surge
The public explorer Shibarium scan shared details on the latest surge in Shibarium daily transactions. Just a day earlier, the number of Shibarium daily transactions spiked by 300%, indicating a resurgence in ecosystem momentum.
This surge quickly pushed daily transactions up by 1,451% over the past four days, marking a multiweek high. Per the data from Shibarium scan, the daily count has increased to 10,940.
The actual network has processed over 1.2 billion total transactions and more than 13.4 million blocks, with approximately 268.7 million wallet addresses.
The layer-2 network began seeing boosts in daily transactions in mid-March, despite volatility in the price of SHIB. Transaction activities have served as a yardstick to gauge adoption since the inception of Shibarium.
This latest uptick comes as the SHIB price consolidates, keeping analysts watching out for a potential breakout.
At press time, SHIB changed hands for $0.00005819, up by 0.31% in the past 24 hours. This comes as the broader market is facing a price reset. Bitcoin (BTC), the leading coin, is down 4.6% to $66,465, while Ethereum (ETH) plunged to $1,986.
Factors causing transaction spike
Typically, surges in Shibarium daily transactions are largely driven by organic user adoption and real economic activity. However, the latest spike stems primarily from technical and infrastructural factors on the Shiba Inu layer-2 network.
Shibarium has been undergoing major infrastructure upgrades in the past 30 days. The upgrade includes a major server migration and full chain re-indexing.
Additionally, Shibarium explorer is rebuilding from scratch and is now near 45% synchronization. Besides, layer-3 developments and privacy upgrades are in testing, which could drive more genuine activity long term.
This updates have created sharp, artificial jumps in the displayed daily transaction count. However, it is important to note that a large portion of the recent activity consists of zero-value BONE transfers or automated smart contract calls.
These are typically infrastructure-level operations, indexing bots and system maintenance calls. They do not represent users sending tokens, trading, bridging assets or using DeFi and NFTs. As such, real economic activity remains low.
Source: https://u.today/shibarium-transactions-hit-multiweek-high-up-1451-in-four-days
