Shiba Inu's Shibarium Is Booming — Here's What's Driving the 54% Transaction Surge

Shibarium, the Layer-2 blockchain of Shiba Inu (CRYPTO: SHIB), has reported a significant 54% increase in transactions. This surge indicates a growing interest and engagement in the network.

What Happened: The daily transactions on Shibarium rose from 2.01 million to 3.1 million within a span of 24 hours. Simultaneously, the total addresses on Shibarium hit a new peak of 204,182,966, indicating a rise in user participation.

Shibarium’s other metrics also demonstrated growth. According to reports, the network has executed over 1.13 billion transactions in total, with the recent spike in daily transactions contributing to this increase. The total blocks on the network have exceeded 10 million, with the most recent count at 10,791,495.

Along with the surge in transactions, the SHIB token burn rate has also skyrocketed by a whopping 22,598%, with 25,770,312 SHIB tokens taken out of circulation in the past 24 hours.

Also Read: Shiba Inu’s Burn Rate Skyrockets 580% as Cryptocurrency Market Rebounds

This surge aligns with the 54% transaction increase on Shibarium, underlining the heightened activity in the Shiba Inu ecosystem.

However, despite the heightened activity, the price of Shiba Inu has not witnessed a corresponding increase. At the time of writing, SHIB was down 2.5% in the last 24 hours to $0.00001231 and down 6.8% weekly, mirroring the current profit-taking trend in the crypto market.

Why It Matters: The surge in Shibarium’s transactions and the increase in SHIB token burn rate are indicative of the growing adoption and user engagement in the Shiba Inu ecosystem. 

This growth in activity, however, has not translated into a rise in SHIB’s price, reflecting the broader profit-taking trend in the cryptocurrency market.

The developments in Shibarium and the Shiba Inu ecosystem will be closely watched by investors and market participants for potential impacts on SHIB’s price and the broader crypto market.

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