According to CryptoPotato, the cryptocurrency market is experiencing significant growth, with Bitcoin surpassing $71,000 and Ethereum rising above $3,600. Meme coins, particularly Shiba Inu (SHIB), are also performing well, with SHIB's price increasing by 7% in 24 hours and 20% in a week.
Shibarium, Shiba Inu's layer-2 scaling solution, has seen its daily transactions soar beyond 400,000, a 500% increase compared to the previous day. Launched in August last year, Shibarium aims to elevate Shiba Inu above its competitors by enhancing speed and reducing transaction fees. The platform has achieved several milestones, including surpassing 400 million total transactions.
In addition to Shibarium's growth, Shiba Inu's aggregated daily volume has spiked by 220%, according to IntoTheBlock. Analysts, such as SHIB KNIGHT and JAVON MARKS, have predicted that the meme coin's price may skyrocket in the near future if investors continue accumulating at the current pace.