Shiba Inu’s Layer-2 Network Shibarium Surpasses 1 Billion Transactions
Shiba Inu’s Layer-2 network, Shibarium, has officially crossed the 1 billion transaction. According to data from Shibariumscan, the network has now processed over 1.005 billion transactions since launching in August 2023. This shows the rapid adoption of the Shibarium network, especially when compared to Bitcoin, which took nearly 15 years to reach a similar number of total transactions.
Shibarium is designed to scale the Shiba Inu ecosystem by offering faster transactions and lower fees. As of April 2, the network records around 4.05 million daily transactions, maintains an average block time of 5 seconds, and has produced more than 10.25 million blocks. The network also boasts over 194 million unique addresses.
Recent growth has also been reflected in Shibarium’s decentralized finance (DeFi) ecosystem. The platform’s total value locked (TVL) surged 24% to $2.5 million by the end of March.
Key dApps within the ecosystem, such as ShibaSwap, WoofSwap, and ChewySwap, have recorded TVL increases of 37%, 31%, and 20% respectively. Despite this expansion, the broader market response to SHIB has been muted.
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SHIB Drops 18% in a Week Despite Network Growth
In contrast to Shibarium’s rising usage, SHIB’s price has failed to reflect the positive momentum. The token has declined by 4.8% in the past 24 hours and is down nearly 18% on the week, trading at around $0.0000122. On a monthly scale, SHIB has lost around 13%, further extending its bearish trend.
The decline comes even as SHIB’s trading volume rose by almost 20% to $229 million following the Shibarium milestone. However, the spike in volume did not translate into sustained price gains, signaling weak buying pressure and profit-taking by traders.
Technical Indicators Show Continued Bearish Momentum
A closer look at SHIB’s daily chart reveals that the token is trading well below its key exponential moving averages (EMA). The 20-day, 50-day, 100-day, and 200-day EMAs currently stand at $0.00001302, $0.00001412, $0.00001610, and $0.00001762 respectively. SHIB’s failure to reclaim even the 50-day EMA suggests that sellers are still in control.
Momentum indicators also support the bearish outlook. The Relative Strength Index (RSI), a key metric measuring market strength, sits at 43.87, below the neutral 50 mark. The RSI’s struggle to stay above 47 in recent days signals that bulls are hesitant, leaving SHIB vulnerable to further downside.