Shiba Inu: Shibarium Transaction Activity Spike Amid Market Growth
February 20 2024 - 6:00AM
NEWSBTC
Shiba Inu layer 2 blockchain platform Shibarium, has witnessed a
notable surge in transaction activity carried out on the platform,
with its daily transaction performance reaching a new monthly high.
Shibarium Daily Transactions Skyrocket The number of transactions
on the layer 2 blockchain has skyrocketed since Shibarium was
introduced, surpassing multiple noteworthy benchmarks. Recent data
from Shibariumscan has revealed an uptick in daily transactions,
soaring to about 3 million. Related Reading: Shiba Inu Ecosystem
Soars: Shibarium Hits Crucial Milestone The rise in daily
transactions to the coveted 3 million milestone marks the highest
the network has seen this month. This comes weeks after the number
of daily transactions on the network plummeted to about 1.07
million. Consequently, the notable rise showcases how quickly
Shibarium has spread and gained widespread recognition in the past
few weeks. This appears to be a significant development. However,
it is still below the highest level it recorded in December.
Shibarium has seen large increases in network activity before when
its daily transactions reached a peak of around 7.5 million. After
crossing the 7 million mark, it managed to maintain above this
level for a month before dropping by almost 50% in January.
Data from the Shibarium tracker also shows that the network has
reached a major milestone in its overall transactions. According to
Shibariumscan, the total number of transactions recorded on the
platform since its launch has surpassed 357 million. It is worth
noting that Shibarium’s performance goes beyond the network’s
transactions. There have been over 3.27 million blocks processed on
the blockchain, suggesting a crucial increase in demand for
scalable features. Furthermore, the overall number of interacting
wallet addresses recorded in the network has now crossed 1.35
million. In addition, the network utilization is up by over 51%,
indicating an increase in adoption. Due to this sharp rise in
Shibarium network activity, investors’ interest in Shiba Inu is
expected to increase. Hence, it buttresses all other projects and
crypto assets in the SHIB ecosystem. Shiba Inu Team To Burn Top
Shibarium Tokens Lucie, Shiba Inu’s head of marketing, has
revealed the team’s plan to burn SHIB and several other top
Shibarium tokens. She took to the X platform to share the
development with the SHIB community. Related Reading: Shiba Inu
Team Teases ‘Next Big Thing’ As ‘Big Money’ Eyes SHIB Lucie noted
that funds made from the sale of the new NFT collection Shiboshis
will be used to burn the tokens. These include Shiba Inu (SHIB),
Bone ShibaSwap (BONE), LEASH, TREAT, and SHI. Specifically, any
Shiboshis that the holders fail to claim will be sent to Uniswap
for sale. Then, the Shiba Inu team will use 10% of the total
realized funds from those sales to burn the tokens. 4% of the funds
will be set aside to burn BONE, LEASH, TREAT, and SHI, while 6%
will be used to burn SHIB. Featured image from iStock, chart from
Tradingview.com
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