Shiba Inu coin on Friday ignited a torrent of optimism across the broader crypto market by securing a landmark achievement. The meme coin’s marketing lead, LUCIE, recently spotlighted a remarkable growth spurt for the layer 2 blockchain, Shibarium. Notably, with the daily transactions and the total number of accounts on the layer 2 blockchain witnessing a substantial rise, market watchers anticipate a $0.01 price target for SHIB ahead.
Shiba Inu Coin Makes Landmark With Phenomenal Shibarium Growth
In an X post by Lucie dated October 25, the marketing lead revealed that Shibarium transactions are witnessing a phenomenal surge. As per her post, the daily transactions on the network reached 4.77 million recently. This surge underscores rising user interaction for the L2, hinting that the top meme coin is gaining significant traction across the landscape.
Further, according to Lucie, the growth marks the beginning of major developments on the network. These developments encompass projects like ShibaSwap, among other Shibarium projects. Also, the total number of accounts on the Layer 2 surged to over 160K, adding to investor enthusiasm surrounding the coin’s Web3 venture.
Meanwhile, Lucie also shared vital insights on the future of gas fees on the network. Notably, a $0.01 fee could be seen ahead, given that 100 million wallet users use the network actively. Lucie added, “just like with ETH, the price of gas is driven by traffic,” sparking further market discussions over Shibarium transaction fees ahead.
Overall, the abovementioned developments underscore growth for the Shiba Inu coin’s layer 2, in turn garnering significant optimism toward the meme token. Additionally, a phenomenal 65000% spike in the SHIB burn rate reported recently has added an extra layer of bullishness surrounding the crypto’s future movements.
SHIB Price Gains Momentum
Riding along the back of Shibarium growth and burn rate surge, the renowned dog-themed meme crypto is currently mirroring bullishness. At press time, SHIB price noted gains worth 1% intraday and is currently trading at $0.0000178. Its intraday low and high were 0.0000175 and $0.00001815, respectively.
However, despite the abovementioned optimistic developments, Coinglass data indicated a marginal 0.6% drop in futures OI to $50.22 million. Moreover, even the derivatives volume dipped 33% to $87 million, raising market concerns.
Nevertheless, it’s worth mentioning that CoinGape Media also reported a massive surge in the SHIB burn rate amid rising Shibarium activity recently, indicating that SHIB price rise to $0.01 lies ahead, which is also much anticipated by the meme crypto’s community. Overall, in light of recent advancements, the much-eyed price target by Shiba Inu coin’s community, $0.01, may be achievable in the future.
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