The Shibarium Network Achieves 250 Million Transactions
The Shiba Inu Layer 2 Shibarium network has reached a significant milestone, surpassing 250 million transactions since its launch. This achievement follows a period of decreased daily transactions at the beginning of the year.
Recovery in Daily Transactions
Previously, the network experienced a decline in average daily transactions, dropping from 7 million to 4 million. This decline persisted for two days in January. However, there has been a recent increase in daily transactions, with Friday’s numbers reaching 6.19 million, marking a 50% jump from previous days.
Increase in Blocks Produced
The total number of blocks produced on the Shibarium network has also risen rapidly. Currently, there are over 2.84 million blocks, and if the daily transaction rate continues to rise, it is expected to exceed 2.5 million by the end of the month.
Rise in Shiba Inu Burn Rate
The burn rate of Shiba Inu tokens has seen a significant surge after a slow start to the year. Over 4.2 million SHIB tokens were burned in the last day, representing a 244% increase in burn rate compared to previous days. This indicates continued interest and community efforts to reduce the circulating supply of the meme coin.
Need for Increased Burning
Despite the significant number of SHIB tokens burned so far, which exceeds 76 billion in 2023, it is still minute compared to the total supply of over 400 trillion SHIB tokens. Therefore, there is a need to intensify burning efforts.
Hot Take: Shibarium Network Reaches Impressive Milestone with Surge in Transactions and Burn Rate
The Shiba Inu Layer 2 Shibarium network has achieved a remarkable milestone, surpassing 250 million transactions since its inception. Following a period of decreased daily transactions, the network has experienced a resurgence with a 50% increase in daily transactions. Additionally, the number of blocks produced on the network has risen rapidly. Concurrently, the burn rate of Shiba Inu tokens has seen a significant surge, indicating continued community efforts to reduce the circulating supply. However, despite the substantial number of tokens burned so far, there is still a need to intensify burning efforts due to the vast total supply of SHIB tokens.
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