The Shibarium network, developed by the Shiba Inu team, has seen huge adoption in recent months. This rapid adoption has led to new highs for the network in several metrics, with the latest occurring in the number of blocks that have been produced.
Blocks on the Shibarium network exceed 3 million
In an interesting turn of events, the number of blocks that have been produced on the Shibarium network has now surpassed the 3 million milestone. This is in stark contrast to the shaky start of the ethereum Layer 2 network, which had rather mediocre performance. Things started to change towards the end of 2023, when transaction volumes increased and, in response, the number of blocks created increased.
The Layer 2 network also started 2024 in grand style, as the average number of new blocks created daily saw a significant increase. According data From ShibariumScan, until January 5, an average of 14,000 new blocks were created daily. However, this would change on January 6, when the number of new blocks averaged around 17,000.
Over the next few weeks, the network has been able to mostly maintain this average of 17,000 new blocks. On February 4, the Shibarium network saw a total of 17,226 new blocks created, staying in line with this new average.
However, the average block size has not followed the same path. The block size on the Shibarium network peaked in early January at 56,597 bytes, but by February 4, the average block size was 22,633, representing a more than 50% decrease in the average block size. block.
SHIB price rises to $0.000009 | Source: SHIBUSD on Tradingview.com
Could this catalyze a Shiba Inu price rally?
Despite being developed by the Shiba Inu team, Shibarium's numerous milestones do not appear to affect the price of SHIB. For example, although the network is celebrating passing the 3 million block milestone, this has not been reflected in the price of SHIB.
Actually, the opposite is happening here where SHIB price is seeing a decline over the last day as well as on the weekly chart. At a price of $0.0000089, SHIB price is currently down 0.9% on both the daily and weekly charts respectively.
This suggests that there is no direct correlation between the achievements of the Shibarium network and the price of Shiba Inu. Rather, a direct correlation is most prominent in BONE, another cryptocurrency issued by the Shiba Inu team. This is because BONE currently serves as the base utility token for the Shibarium network, with which users pay fees to transact.
Featured image by Watcher Guru, chart from Tradingview.com
