According to U.Today, Shibarium, a layer-2 scaling solution linked to the Shiba Inu (SHIB) ecosystem, has seen a significant increase in transaction count in response to a new market uptrend. Over a seven-day period, the total transaction count on Shibarium rose from 6,000 on May 14 to 18,560 on May 20, representing a surge of over 209%.
Shibarium is a unique blockchain protocol with a strong community. For several weeks, the transaction count on Shibarium remained relatively stable. However, a shift occurred when the Shiba Inu team launched the Shibarium hard fork on the mainnet, marking a turnaround for the Ethereum L2 protocol. With this increase in transactions, Shibarium is now aiming to break the 420 million total transaction record. Although the timeline for this achievement is uncertain, Shibarium has the right catalyst to propel its position to a new level.
Following the launch of the Shibarium hard fork, the Shiba Inu team also transitioned the ecosystem's leading decentralized exchange (DEX), ShibaSwap, to Shibarium. This transition marked a significant shift for the ecosystem, as the DEX hosts transactions that have the potential to alter the overall outlook of the meme coin project.
The benefits of this transition are already evident, with a corresponding impact on the price. At the time of writing, Shiba Inu was trading at $0.00002568, an increase of 6.88% in 24 hours, reflecting the general upward trend in the broader market. As a token associated with the Ethereum ecosystem, SHIB could potentially benefit from the prospective launch of a spot ETH ETF product by the United States Securities and Exchange Commission (SEC). Although the odds of approval for this product were initially less than 25%, Bloomberg ETF analysts have since increased their odds to a substantial 75%, triggering a bullish market frenzy. If approved, the price of ETH could show further bullish strength, which could positively impact Shiba Inu.
