The Shiba Inu Layer 2 Shibarium network has demonstrated impressive resilience and recovery after the holiday season. This time around, the layer 2 network is celebrating a major milestone, crossing a total of 250 million transactions processed since its launch last year. The recent surge in transactions comes following a decline at the start of the new year. As reported, the average daily transactions on the network fell by approximately 50%, from an average of 7 million to 4 million. However, the network has since seen another jump in the number of transactions, with Friday’s daily transactions reaching 6.19 million.
The total number of blocks produced on the Shibarium network is also experiencing a rapid increase. Currently, the network has generated over 2.84 million blocks. If the upward trend in daily transactions continues, it is projected that the total number of blocks produced could exceed 2.5 million by the end of the month. This growth in blocks produced reflects the expanding activity and utilization of the Shiba Inu layer 2 network.
A Surging Burn Rate
Not only are transactions experiencing a revival, but the Shiba Inu burn rate is also witnessing a significant surge. After a slow start to the year, the burn rate has spiked by 244%, with over 4.2 million SHIB tokens burned in the last day alone. This trend aligns with the ongoing effort of community members to collaboratively reduce the total circulating supply of the meme coin. Despite more than 76 billion SHIB tokens being burned through this initiative in 2023, this figure remains relatively small compared to the overall supply of over 400 trillion SHIB tokens. This highlights the need for increased efforts in burning tokens to further impact the circulating supply.
The milestones achieved by the Shiba Inu Layer 2 Shibarium network demonstrate the continued engagement and involvement of the community. The increased number of transactions and burning of tokens indicate significant interest beyond the Layer 2 network alone. As community members work together to reduce the circulating supply, it reflects a shared commitment to the value and potential of the Shiba Inu ecosystem.
While these developments bring optimism and promise, it is crucial to approach investing with caution and conduct thorough research before making any investment decisions. The article serves as educational material and does not represent the opinions of NewsBTC on investment choices. Investing inherently carries risks, and individuals should exercise their own judgment and due diligence when engaging in any financial activities. The information provided on this website should be used at one’s own risk.
The Shiba Inu Layer 2 Shibarium network has showcased its resilience and potential through significant milestones. The network’s recovery after the holiday season, marked by a surge in daily transactions, demonstrates its ability to adapt and thrive. The increasing number of blocks produced indicates growing utilization and activity on the network. Simultaneously, the surge in the burn rate of SHIB tokens signifies the commitment of community members to reduce the circulating supply. These accomplishments highlight the engagement and dedication of the Shiba Inu community, underscoring the ecosystem’s promising future. However, it is essential to approach investment decisions with caution and conduct independent research to mitigate risks and make informed choices.