According to CryptoPotato, Shibarium, a layer-2 solution for Shiba Inu, experienced a surge in daily transactions, reaching nearly 35,000 on November 21, a 130% increase from the previous day. Since its launch, Shibarium has crossed over 4 million total transactions, with wallet addresses exceeding 1.25 million and nearly 1.8 million total blocks.
Introduced in August, Shibarium is designed to improve Shiba Inu by enhancing transaction speed and reducing costs. The number of daily transactions on the network has hovered between 8,000 and 18,000 throughout November, making the recent spike the record for the month. The advancement of Shibarium has been touted as one element that could boost Shiba Inu's valuation. However, SHIB has plunged 4% in the past 24 hours and 6% on a weekly basis.
The team behind the memecoin project officially introduced the layer-2 blockchain solution in August this year. Its goal is to elevate Shiba Inu above its rivals by improving speed and lowering transaction costs.