Shibarium, the Ethereum-based Layer-2 scaling solution for Shiba Inu, has pushed its daily average transaction up a notch. According to data from Shibariumscan, the protocol now averages 4.77 million transactions. It is just 300,000 transactions away from a 5.0 million average.

Shibarium record-breaking growth

Meanwhile, the total transactions on Shibarium now stand at 735,432,733.

This figure is over 35 million, more than the 700 million mark that U.Today projected in an earlier report.

Interestingly, Shibarium hit the 700 million mark on Christmas Day. The milestone achievement supports the strong user engagement of members of the community. The increased transactions also suggest confidence on the part of users.

If unchanged and continues in the same trajectory, the current transaction outlook could be pushed to new levels. Analysts are projecting 10 million daily transactions before the end of the first quarter of 2025. This projection relies on its current performance.

There was also a significant increase in the total block production in December. Shibarium blocks grew from 8.46 million to 8.7 million.

These growth figures on the protocol highlight positive momentum for the Shiba Inu ecosystem. It signals a likely better performance as the broader cryptocurrency sector anticipates a bullish run in the coming weeks.

SHIB price amid positive ecosystem developments

Shiba Inu (SHIB) has not fared well, and the meme coin is witnessing price fluctuations after rebounding to $0.00002177. The token soared on the back of its daily burn mechanism as investors’ confidence grew.

However, faced with market dynamics and a significant decline of 35.62% in trading volume to $346.36 million, the asset has also dipped in value. As of this writing, data shows SHIB is changing hands at $0.00002081, representing a 1.84% decline in the last 24 hours.

Market participants look forward to Shytoshi Kusama, Shiba Inu’s lead developer, unveiling his plans for 2025. More importantly, there’s an expectation that such an update might translate to an increase in SHIB’s price value.