Shiba Inu dips as Shibarium breaks through 1b in transaction volume for the first time

Shiba Inu’s price has gone down nearly 5% in the past day of trading. Meanwhile, Shibarium’s total transaction volume has exceeded 1 billion for the first time in history.

According to data from crypto.news, SHIB (SHIB) has gone down by 4.8% in the past 24 hours. Shiba Inu is currently trading hands at a price of $0.0000122. In the past few days the token has been in a downward slump. The Ethereum (ETH)-based Shiba Inu token has gone down by nearly 18% in the past week and declined by 13% in the past month.

Despite this downturn, the layer 2 solution network Shibarium just passed a major milestone. Shibarium is a blockchain built on Ethereum designed to enhance the Shiba Inu ecosystem. According to data from Shibariumscan.io, the Shibarium ecosystem has processed a total of 1.005 billion transactions for the first time in history since it was launched in August 2023.

The milestone is particularly momentous considering it only took the Shibarium ecosystem around two years to surpass the 1 billion transaction milestone. Meanwhile, it took the Bitcoin (BTC) ecosystem 15 years to achieve the same total transaction volume.

After Shibarium hit its recent milestone, Shiba Inu experienced a small surge in trading activity. Its trading volume went up by nearly 20% to $229 million in the past 24 hours.

On April 2, Shibarium’s daily transaction volume sits at 4.05 million with an average block time of 5 seconds per transaction. The ecosystem currently has more than 194 million addresses engaging with the system. The ecosystem has more than 10.25 million blocks.

At the end of March, Shibarium’s TVL went up by 24% to $2.5 million. Within the Shibarium ecosystem, ShibaSwap TVL rose by 37%, while WoofSwap and ChewySwap soared by 31% and 20%. At the time, the Shiba Inu token fell even farther by 20% from its highest level.