Shibarium Surpasses 250 Million Transactions; Shiba Inu Token Burn Rate Sees Significant Increase
The Shiba Inu Layer 2 network, named Shibarium, has hit a significant milestone, recording over 250 million transactions since its inception last year. The network, designed to enhance the Shiba Inu ecosystem through reduced transaction fees and improved speed, saw a dip in daily transactions at the beginning of the year, with averages falling from 7 million to a meager 4 million. However, recent data indicates a resurgence, with daily transactions climbing back to 6.19 million, marking a 50% increase from the previous figures.
Shibarium’s Rising Success
Alongside this surge, Shibarium has recorded an increase in the number of blocks produced on the network, now totaling over 2.84 million. If the current pace continues, the number of blocks could exceed 2.5 million before the end of the month. The success of Shibarium is also reflected in the growing user activity, with substantial increases in transactions and connected wallets. The network now stands at a total transaction count of 216,030,830 and has 1,320,188 blockchain wallets linked to it.
Shiba Inu Token Burn Rate Surges
Parallel to the network’s performance, the Shiba Inu token burn rate has also made a significant comeback. Data from Shibburn reveals that over 4.2 million SHIB tokens have been burned in the past day alone, indicating a 244% increase in the burn rate. This increase reflects the Shiba Inu community’s continued commitment to decreasing the total circulating supply of the meme coin, with the aim of making the asset more scarce and potentially more valuable over time.
More Aggressive Burning Required
Despite these efforts, the total number of SHIB tokens burned in 2023, which amounts to over 76 billion, is still a small fraction of the SHIB token’s over 400 trillion total supply. This suggests that a more aggressive burning strategy is required to make a substantial impact. The marketing lead of Shiba Inu, Lucie, has actively encouraged the Shiba Inu community to showcase Shibarium’s successes and emphasizes the interconnectedness of all Shiba Inu projects. As the Shiba Inu price analysis shows a surge in bullish momentum, the ongoing efforts to reduce the circulating supply of SHIB tokens could potentially lead to a reversal in momentum and a bullish trend gaining momentum.
