- Shibarium, a Layer-2 scaling solution for Shiba Inu, processed a record 7.4 million transactions in one day, indicating a significant resurgence from its previous inactivity.
- Despite Shibarium’s high transaction volume, the price of SHIB, the supported meme coin, saw only a modest increase of 2.5 percent.
Shibarium, the Layer-2 scaling solution for Shiba Inu cryptocurrency, has broken previous milestones by handling an astounding 7.4 million transactions in a single day. This accomplishment represents a substantial increase in the platform’s activity and stands in sharp contrast to its recent state of dormancy.
Return of Shibarium: A Story of Record-Breaking Deals
The comeback of Shibarium is a long-term phenomenon. In just two days, the platform processed more than 12.5 million transactions. This surge depicts a network that has suddenly come to life and represents a drastic change from a period of dormancy. Shibarium reported close to 35,000 transactions on Tuesday and Wednesday in just a few days, over 29,000. Since October 25, when Shibarium executed 62,000 transactions, this activity peak represents the highest level. There have been earlier indications of rising activity, but the most recent rise has above all predictions.
Compared to an average of 10,000 daily transactions, notably, Shibarium has increased 500-fold. The Layer-2 protocol’s 20 millionth transaction, which occurred after this spike, is evidence of its increasing use and usefulness within the Shiba Inu ecosystem.
🚀 #Shibarium, the #ShibaInu ecosystem's secret weapon, just hit a mind-blowing 582% surge in daily transactions, reaching an all-time high of 5 million! 🔥🐕 What's fueling this explosion in #Shiba Inu's blockchain? 🌐 pic.twitter.com/UooJnZMGcQ
— Collin Brown (@CollinBrownXRP) December 3, 2023
Token Burning Shiba Inus: A Value-Based Approach
Token burn rate is an additional important factor in the Shiba Inu ecosystem. Shibburn reports that there has been a 961.53% increase in the weekly burn rate of Shiba Inus. Shockingly, 44 transactions within the last seven days burned 527,485,988 SHIB tokens, for a total of $4430.88.
The week before, the burn rate far exceeded, with a total of only 49,691,122 SHIB tokens burned. Also, there was a 644.86% increase in the daily SHIB burn rate. They execute these burns to reduce supply and potentially increase the token’s value.
Shiba Inu price analysis: A Quiet Reaction to Shibarium’s Successes
Even though Shibarium has performed exceptionally well, its effect on the SHIB token’s value is minimal. Over the past day, the price of the meme currency, the second-largest of its sort, has slightly increased by 10.05%. SHIB’s price is currently $0.000009362, and its 24-hour trading volume is $545.16M
Despite the platform’s noteworthy accomplishments, they have not yet significantly impacted SHIB’s market capitalization and position on investor watch lists. The overall upward trend for Shiba Inu may still be there, according to market analysts, who claim that this is a component of a bullish continuation pattern.
Caution in the Community: Scam Alert
The Shiba Inu community has received alerts regarding possible frauds. A specialized account for safeguarding the Shiba Inu community, Shibarmy Scam Alerts, has sent a serious alert regarding phony links on CoinMarketCap. These phony Discord servers prompt individuals to link their wallets under the pretense of authentication after they click these links. This scam technique creates a danger of money loss by granting unauthorized access to wallets.
It is recommended that members of the Shiba Inu community use caution, verify URLs twice before clicking on any links, and refrain from connecting their wallets without fully understanding them.
