Shiba Inu’s Shibarium Hit Major Milestone Amid Rapid Network Recovery
January 05 2024 - 2:00PM
NEWSBTC
The Shiba Inu Layer 2 Shibarium network is recovering once again
after the festivities of the holidays have died down. This time
around, the layer 2 network is celebrating a major milestone after
a couple of months of impressive outperformance. Shibarium Network
Crosses 250 Million Transactions The Shibarium network has now
crossed a total of 250 million transactions that have been
processed since it was launched last year. This latest milestone
coincides with a significant recovery in the network’s daily
transactions which had plunged at the start of the new year.
Related Reading: Crypto Analyst Predicts Cardano Price Jump In
January – Here’s The Target As NewsBTC reported on Thursday, the
average daily transactions on the network had fallen around 50%
from the 7 million average to 4 million. This decline would persist
for at least two days, on January 2 and January 3, where an average
of 4 million transactions were carried out. Source: ShibariumScan
However, there has since been another jump in the number of
transactions processed by the network. Currently, the daily
transactions for Friday are sitting at 6.19 million at the time of
writing. This translates to a 50% jump from the numbers recorded
over the last few days. The total number of blocks produced has
also risen rapidly at this time as well. As the data shows, there
are now over 2.84 million blocks produced on the Shibarium network.
If the daily transactions on the Shiba Inu layer 2 network continue
to rise, then the total number of blocks produced could cross 2.5
million before the month is over. SHIB bulls losing control |
Source: SHIBUSDT on Tradingview.com Shiba Inu Burn Rate Mounts A
Comeback The transactions carried out on the Shibarium network are
not the only thing making a comeback at this time. The Shiba Inu
burn rate is also seeing a significant surge after being subject to
a slow start to the year. Related Reading: Shibarium Transactions
Crash Almost 50%, Shiba Inu Price Wobbles According to data from
the burn tracking website Shibburn, there have been more than 4.2
million SHIB tokens burned in the last day. This figure translates
to a 244% surge in the burn rate over this time, continuing the
trend that was registered on Thursday. The rise in the Shiba Inu
burn rate shows that interest is not only localized to the Layer 2
network alone. But also, community members continue to work
together in their bid to reduce the total circulating supply of the
meme coin. In the year 2023, the total number of SHIB tokens burned
through this initiative has come out to more than 76 billion.
However, this figure is minute compared to the over 400 trillion
supply of the SHIB token, showing a need to ramp up burning.
Featured image from NewsBTC, chart from Tradingview.com
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