Shiba Inu’s layer-2 network, Shibarium, has witnessed a remarkable surge in daily transactions since late November, highlighting the growing importance of blockchain adoption. This increased transaction activity has led to a 650% rise in the burning of SHIB tokens during the same period, yet the price of Shiba Inu remains relatively stable.
Shibarium’s Record-Breaking Growth
Shibarium has achieved record-breaking growth in its daily transaction count. Online data reveals an astonishing 44,397.9% increase in network transactions since late November.
On November 29, daily transactions on Shibarium stood at just under 20,000. However, the network witnessed transactions skyrocket to 748,000 by November 30. This notable increase has continued into December, with over 12 million transactions recorded in the first two days of the month.
It’s worth noting that this significant surge in transaction activity stands out when compared to the network’s total transaction volume, which was 21 million. In the past 24 hours alone, it accounted for about 35% of the network’s total transactions.
Other Indicators of Shibarium’s Growth
Additional data from Shibarium indicates substantial growth. The layer-2 blockchain now boasts 1.27 million wallets and has generated 1.92 million blocks, signaling significant progress in its ecosystem. The Total Value Locked (TVL) on Shibarium has also risen to $775,000, according to DeFiLlama data.
Market Expert’s Perspective
Despite these impressive figures, market expert Lucie emphasizes the need for greater adoption. Lucie states, “Shibarium is open for everyone to build. We don’t monitor project launches – it’s permissionless! Just like on ETH or Polygon, any project can start here. However, please note one thing: DYOR (Do Your Own Research). Be cautious and avoid falling into traps.”
Impact on SHIB Token Burning
The record transaction volume on Shibarium has significantly affected the burning activity of Shiba Inu’s SHIB tokens. The token burning rate for this meme coin has surged by 961% in 7 days and over 600% in the last 24 hours.
Approximately 527,485,988 SHIB tokens were burned in the past week, along with an additional 20,515,829 SHIB tokens burned in the last 24 hours.
Token burning typically aims to reduce circulating supply. In theory, a reduced supply can lead to scarcity, potentially driving prices higher if demand remains constant.
However, this theory has not held up in the case of SHIB, as its price remains relatively weak. The asset has increased by 0.83% in the last 24 hours and has risen by 9.6% over the past month.