Shiba Inu's Shibarium reaches 800M transactions

Shiba Inu's (CRYPTO:SHIB) layer-2 solution, Shibarium, has achieved a significant milestone by processing over 800 million transactions.

As of January 15, 2025, the number of wallets on the network has exceeded two million.

Shibarium was launched in August 2023 with the aim of reducing transaction costs and enhancing scalability.

Since its inception, it has made remarkable progress, recently surpassing the 800 million transaction mark.

The total number of wallet addresses on the network has also surged, indicating a growing user base.

In addition to these milestones, Shibarium has implemented updates to improve user experience and efficiency.

A new user interface was introduced to enhance compatibility with popular self-custody wallets.

Moreover, a hard fork was executed to facilitate quicker block processing times and introduce a token burning mechanism.

This burning mechanism aims to decrease the supply of Shiba Inu tokens, potentially increasing their value if demand remains stable.

Despite these advancements, the price of SHIB has seen a decline, dropping by 1.5% within a 24-hour period.

This contrasts with the broader cryptocurrency market's recovery, where Bitcoin (CRYPTO:BTC) recently surpassed $97,000.

However, indicators suggest that SHIB may be poised for a rebound.

The Relative Strength Index (RSI) has fallen below 30, indicating that the asset is oversold and could represent a buying opportunity.

Additionally, data from CryptoQuant shows that over the past week, outflows from exchanges have significantly outpaced inflows.

This shift towards private wallets may reduce immediate selling pressure on SHIB, suggesting potential positive momentum ahead.

At the time of reporting, the Shiba Inu (SHIB) price was $0.0000228.