The Layer-2 blockchain of a popular meme coin has achieved a remarkable feat processing over 1 billion transactions since its inception in 2023.
The significant milestone attained by Shibarium, the Layer-2 blockchain of Shiba Inu, could be an indication of the growing adoption of the token within the cryptocurrency space.
Shiba Inu Milestone: 1 Billion Transactions
Reports disclosed that in less than two years, Layer-2 blockchain Shibarium has already made a mark in the crypto space after the token has processed its 1 billionth transaction.
Meme coin Shiba Inu only introduced Shibarium in August 2023 and four months before celebrating its second anniversary, its transaction volume has surpassed the 1 billion mark.
Analysts said that Shibarium achieved the incredible feat of 1 billion transactions yesterday, March 31, noting that the Layer-2 blockchain was able to reach that level after recording four million transactions daily.
As of writing, Shiba Inu’s blockchain has reached the record level with a current transaction volume of over 1.001 billion.
Market observers believed that Shibarium’s achievement suggested that the blockchain can handle high transaction volumes, which they attributed to the token’s robustness and the active participation of the blockchain community.
Faster Than Bitcoin
Crypto analysts said that other blockchains like Bitcoin and Ethereum have already processed more than a billion transactions. However, they noted that what makes Shibarium’s achievement stand out is the speed at which it reached that remarkable feat.
Market observers compared Shibarium with other established blockchains that attained the same mark. They explained that Shibarium’s journey to attain 1 billion transactions is unique because the Layer-2 blockchain achieved it faster than the other blockchains.
For example, Bitcoin needed 15 years to reach 1 billion transactions, while Shibarium did it in less than two years.
Over 193 Milion Addresses
Aside from the milestone in transactions, the popular L2 blockchain also has more than 193.93 million blockchain addresses that have interacted with Shibarium since it was introduced in 2023.
According to Shibariumscan, Shiba Inu’s blockchain network boasted a total of 10.23 million mined blocks, with an average block time of 5.0 seconds.
The Layer-2 blockchain was launched on August 16, 2023, after posting its first transaction. Early in its operation, the Shibarium faced technical issues that put it offline for two weeks after it was launched. It went online again in late August 2023 and has been operational ever since.
Featured image from Gemini Imagen, chart from TradingView