Shiba Inu’s layer-2 scaling solution, Shibarium, has recently reached a new milestone after processing a total of over 300 million transactions since it was launched, as it saw a surge in daily transactions earlier this month to a peak near 8 million.
According to data from Shibarium network explorer Shibariumscan, the network’s daily transactions have since fallen to around 2.7 million from their peak, with the network currently having around 1.34 million wallet addresses and having processed over 2.78 million blocks.
This growth spurt in Shibarium’s activity comes just a week after Gate.io, a prominent crypto exchange, began allowing users to purchase and transfer BONE tokens directly to Shibarium. Additionally, Australian company GroveX was the first to integrate with the network, further boosting Shibarium’s credibility.
Despite the recent success, Shiba Inu’s native token, SHIB, has experienced a slight downturn. In the last 24 hours, it has seen a 4% drop, and a 10% fall over the past week. The cryptocurrency is down over 22% over the last 30 days, amid a wider cryptocurrency market correction.
Investors nevertheless appear to be betting on the meme-inspired cryptocurrency, with a prominent SIB communit members recently pointing out that data from Arkham Intelligence shows that the commission-free trading platform Robinhood (NASDAQ: HOOD) currently has 36.684 trillion SHIB tokens in its wallet.
The data shows that in a single day, the trading platform’s Shiba Inu wallet added an additional 231 billion tokens, seemingly as investors on the platform are accumulating the meme-inspired cryptocurrency, adding to its wallet.
It’s worth noting that cryptocurrency exchange wallets don’t represent the holdings of the trading platform itself, but rather represent the holdings of its users. Often, these large wallets keep the funds safe under cold storage as users trade within the platform.
As CryptoGlobe reported, cryptocurrency whales have been accumulating the meme-inspired cryptocurrency. One whale sent a whopping 136.8 billion tokens ) to a newly created wallet earlier this week, shortly after the community-driven cryptocurrency project incinerated 9.35 billion tokens as its burn rate skyrocketed by more than 28,600%.
According to Lookonchain data, a total of four whales have accumulated 2.39 trillion tokens from cryptocurrency exchanges in the past month, including one whale that accumulated 1.44 trillion tokens in just three days. Those accumulating SHIB, per the service, including TRON founder Justin Sun, who added 577 billion tokens to his wallet.
Featured image via Unsplash.
