Shibarium Nears Major Milestone Despite $SHIB Price Woes

Shiba Inu's layer-2 scaling solution, Shibarium, recently experienced a temporary slowdown, with daily transactions dropping from approximately 2.5 million to 500,000, before rebounding to 2 million transactions.

This surge occurred as the cryptocurrency's layer-2 network approaches a total of 350 million transactions, having processed over 3.1 million blocks with an average block time of just over 5 seconds. Currently, there are 1.35 million wallet addresses on the network.

Despite the growing adoption of Shibarium, the price of the meme-inspired #cryptocurrency has not kept pace with the broader cryptocurrency market, declining by over 26% in the past 12 months and nearly 5% in the last 30 days.

Nevertheless, investors seem optimistic about the meme-inspired cryptocurrency. A notable SHIB community member recently highlighted data from Arkham Intelligence, revealing that the commission-free trading platform Robinhood (NASDAQ: HOOD) holds 36.684 trillion SHIB tokens in its wallet.

The data indicates that the platform's Shiba Inu wallet added an additional 231 billion tokens in a single day, suggesting that investors on the platform are accumulating the meme-inspired cryptocurrency.

It's important to note that cryptocurrency exchange wallets represent the holdings of users, not the platform itself. These large wallets typically store funds securely in cold storage while users trade within the platform.