With Shibarium trading volume approaching 300 million, the price of SHIB is about to soar?

Due to the uncertainty of Shiba Inu's market price, Shibarium is about to reach a new trading milestone. The latest data from Shibariumscan shows that Shiba Inu's Layer 2 scaling platform is now approaching 300 million transactions, which is an exciting threshold for its successful and impactful deployment. Given that SHIB has struggled to achieve gains over the past month, it's natural to wonder if Shibarium's eventual achievement of this trading milestone will reverse the meme coin's fortunes, even if only temporarily.

Shibarium has had a lot of success since its launch in August 2023, becoming the go-to platform for Shiba Inu Whale and investors. In the first month, Shibarium processed more than 3 million transactions, which shows its market fit.

In particular, the Layer-2 solution saw a large number of transactions at the end of 2023, bringing the total number of transactions to multiple consecutive milestones. In December, Shibarium saw an average of over 7.5 million daily transactions.

However, with the exception of Crypto Assets exchange Gate.io's recent integration of Shibarium, daily trading volumes declined in January. Despite the recent decline, Shibarium's total trading volume indicates a steady stream of trading activity. The current 24-hour daily transaction volume of Shibarium is 2.75 million, with a total of 299.4 million transactions, spanning 2.75 million blocks.

Higher usage indicates investor interest and confidence in the ecosystem. At the same time, the fees collected from Shibarium transactions can be used to burn more SHIB, resulting in an increase in SHIB Token in circulation.

SHIB is currently trading at $0.000009474, down 13% since reaching $0.0000109 on January 2. Price action shows that the Crypto Assets tested the support levels of $0.0000087 and $0.0000089 throughout the month, rebounding threefold. According to the data, 78.92 trillion SHIB Token were purchased between these price points, which currently act as support.

Shibarium's natural gas Token BONE has the same view. BONE is currently trading at $0.6179, down 18% over the past month, as part of Shibarium's recent decline in daily trading volume. However, reaching new trading milestones could lead to an rise in daily trading volume, which would increase the utility of BONE and trigger price increases.

(Source: Scott Matherson)