Shiba Inu’s layer-2 network, Shibarium, has witnessed a remarkable surge in daily transactions, reaching 12 million in just two days, marking a pivotal moment for blockchain adoption.
The substantial uptick has propelled the SHIB token burn rate to a staggering 650% increase during the same period, contributing to over 500 million SHIB being burnt in the past week.
Shibarium’s daily transactions have skyrocketed by an astonishing 44,397.9% since the end of November, highlighting a significant milestone for the blockchain.
From under 20,000 transactions on November 29, the network experienced a surge to 748,000 on November 30, maintaining this impressive momentum into December. The first two days of the month alone witnessed over 12 million transactions, representing around 35% of the total network transactions.
The growth extends beyond transaction numbers, with Shibarium now boasting 1.27 million wallets and 1.92 million blocks within its layer-2 blockchain. The total value locked (TVL) on Shibarium has risen to $846,481, according to DeFiLlama data, reflecting substantial progress in the ecosystem.
Despite these impressive metrics, market specialist Lucie advocates for more adoption of the network, emphasizing its decentralization and openness to projects. Lucie cautions users to “Do Your Own Research” (DYOR) and stay vigilant to avoid potential pitfalls.
The surge in transaction volume on Shibarium has significantly influenced Shiba Inu’s SHIB burning activity. Over 527 million SHIB were burnt in the past week, with an additional 20 million burnt in the last 24 hours.
Token burns aim to reduce circulating supply, theoretically creating scarcity that could impact prices.
However, SHIB’s price has remained relatively stable, experiencing a modest 0.83% increase in the last 24 hours and a 9.6% rise over the past month. The discrepancy between burn activity and price movement poses intriguing questions about the dynamics within the Shiba Inu ecosystem.