• Shibarium, Shiba Inu’s layer-2 solution, hits 6 million transactions, signaling rapid growth.
• SHIB token burns surge, aiming to make tokens scarcer, but SHIB’s price hasn’t responded significantly.

Shiba Inu’s layer-2 solution, Shibarium, has surpassed the remarkable milestone of 6 million transactions. According to data from Shibariumscan, the network’s explorer, the blockchain now boasts 6,329,333 transactions. Interestingly, Shibarium reached this milestone less than two weeks after crossing the 4 million transaction mark, with the total block count approaching 2 million. Notably, last weekend saw a peak in daily transactions, reaching a staggering 43,690 on November 23.

SHIB Token Burn Rate Surges

The surge in Shibarium’s transaction volume has notably impacted SHIB token burns. Data from Shibburn, Shiba Inu’s burn tracker, reveals a remarkable increase in the token burn rate. In 24 hours, investors incinerated 82,887,109 SHIB tokens, marking a substantial surge of 913.89% compared to the previous day. Most of these burned tokens originated from a single address, which accounted for 82.86 million SHIB tokens.

This uptick in SHIB burns has been ongoing, with the burn rate increasing by nearly 500,000% over a weekend, resulting in over 264.20 million SHIB tokens being sent to inactive addresses.

What Lies Ahead for Shiba Inu?

The burning of SHIB tokens creates artificial scarcity, potentially driving up the price of the circulating tokens. However, the price of SHIB has not exhibited a significant response to these recent burns or the milestone achieved by Shibarium.

Analysts remain optimistic about SHIB’s future price trajectory, citing factors such as increasing utility, introducing new tokens within the SHIB ecosystem, strategic partnerships, and a growing mainstream interest in the cryptocurrency.

With these factors in mind, analysts envision SHIB revisiting and potentially surpassing its previous high of $0.000088, which would require a substantial 902% increase from its current price.

Shibarium’s Transaction Milestones

Shibarium, the backbone of Shiba Inu’s blockchain infrastructure, continues to achieve significant milestones. Notably, the network recently recorded an impressive 952 transactions within a five-second block, highlighting the scalability and efficiency of the Shibarium network. This milestone was reached at block height 1875694, marking a significant achievement for the layer-2 solution.

Accompanying Shibarium’s overall growth is a massive spike in the network’s daily transaction volume. Additionally, Shibariumscan recorded 748,230 daily transactions, demonstrating the network’s increasing popularity. It is worth noting that the previous day had seen an even more substantial transaction volume, with 16,630 transactions recorded.

Other Shibarium Statistics

Apart from transaction counts, Shibarium boasts over 1.27 million addresses, with more than 1.88 million blocks mined to date. The layer-2 blockchain also supports a substantial number of accounts, with 30,369 accounts in operation and 301,237 BONE transfers. Since its inception in August, users have deployed 14,299 smart contracts on the network, highlighting its versatility and appeal. Additionally, Shibarium supports a wide array of over 8,500 tokens, further expanding its utility.

Despite its impressive achievements, Shibarium’s Total Value Locked (TVL) currently stands below $700K. While the TVL briefly exceeded $700K on November 29, it experienced a slight decline, settling at $681,800 the following day. According to DeFiLlama data, Shibarium’s current TVL stands at $693,075.