Shiba Inu (SHIB) on the Verge of Hitting a Major Milestone

Data provided by Shibarium Explorer revealed that overall transactions on the layer-2 blockchain solution have reached almost two million.

Recall that the network built on Ethereum that aims to increase transaction speed, lower costs, and elevate Shiba Inu above its rivals went live approximately two weeks ago.

Shibarium Eyes a New Milestone

According to the entity, the exact total number of daily transactions on Shibarium (as of the moment) stands at 1,951,468.

The number of mined blocks has already surpassed the 500K milestone and is inching closer to 600,000, whereas the wallet addresses hit over 1.1 million and continue rising.

The aforementioned numbers come less than a month after the L2 scaling solution saw the light of day. It is considered a key part of a broader plan that aims to position Shiba Inu as a leading blockchain project by reducing fees and improving transaction speed.

Most SHIB Holders are Underwater

Despite Shibarium’s launch and the positive news surrounding it, the price of Shiba Inu (SHIB) has been on a downtrend in the past few weeks. The memecoin currently trades at approximately $0.00000710, a 12% decline compared to the figure 14 days ago (per CoinGecko’s data).

As CryptoPotato reported earlier today, the price decline has affected the majority of SHIB holders. An analysis by IntoTheBlock showed that only 11% of such investors are currently sitting on unrealized profit.

The situation is quite similar when observing other memecoin holders, including those that have distributed funds in Floki Inu (FLOKI), Dogelon Mars (ELON), or Pepe (PEPE).