Shibarium’s progress toward achieving a significant block milestone could be happening soon, and it might significantly impact the price of its native token, SHIB. The layer-2 scaling solution has made steady progress towards hitting 11 million blocks in recent months, with activity on the chain steadily increasing.
According to data from Shibarium scans, the protocol is nearing the milestone, currently holding over 10.96 million blocks. While transaction volume remains consistent at around 4 million daily, this growth continues to suggest a possible breakthrough in the coming months.
The network has already exceeded 1.17 billion transactions since its launch, maintaining an impressive five-second average block time and boasting over 208 million unique wallet addresses. This robust infrastructure points to potential for sustained growth. However, the SHIB price is decoupled from this progress. While daily transaction counts have peaked at four million, the coin has experienced a 27.44% gain over the last seven days. Despite these positive developments, recent market downturns are weighing on the meme coin’s price, with a dip of nearly 6% in just 24 hours.
However, the overall bullish outlook for SHIB remains intact, as increasing trading volume on major crypto exchanges signals potential for a price rebound. The near-future is likely to see the current bearish market shift reverse, potentially leading to a strong surge in the SHIB price.