The Shiba Inu Layer 2 Shibarium network has once again showcased its resilience, bouncing back from the holiday festivities to achieve a significant milestone. After a couple of months of impressive outperformance, the network has now processed over 250 million transactions since its launch last year. This remarkable achievement coincides with a noteworthy recovery in the network’s daily transactions, which experienced a decline at the beginning of the new year.
As reported by NewsBTC, the average daily transactions on the Shibarium network had plummeted by approximately 50% from the usual 7 million to 4 million at the start of January. This decline persisted for two consecutive days, January 2 and January 3, during which an average of 4 million transactions took place.
However, the network has recently experienced an impressive resurgence, with daily transactions for Friday reaching 6.19 million at the time of writing. This represents a substantial 50% surge compared to the figures recorded in the preceding days. Furthermore, the total number of blocks produced on the Shibarium network has also risen rapidly, currently exceeding 2.84 million.
If the upward trajectory of daily transactions on the Shiba Inu layer 2 network persists, it is highly likely that the total number of blocks produced could exceed 2.5 million by the end of the month. This signifies not only the network’s ability to recover but also its potential for continued growth and scalability.
Beyond the revival in daily transactions, the Shiba Inu burn rate has also experienced a significant surge. After a sluggish start to the year, data from the burn tracking website Shibburn reveals that over 4.2 million SHIB tokens were burned within the past day. This surge represents a 244% increase in the burn rate, carrying forward the trend observed on Thursday.
The rise in the Shiba Inu burn rate demonstrates that interest in reducing the total circulating supply of the meme coin extends beyond the Layer 2 network alone. Community members continue to collaborate diligently in their efforts to decrease the total number of SHIB tokens in circulation. Since the initiative’s inception in 2023, more than 76 billion SHIB tokens have been burned through this endeavor. However, considering the vast supply of over 400 trillion SHIB tokens, there is a pressing need to escalate the burning process.
The Shiba Inu Layer 2 Shibarium network has proven its resilience once again, bouncing back from challenges and surpassing major milestones even amidst turbulent times. With the network’s daily transactions on the rise and an impressive burn rate surge, the future looks promising for Shiba Inu and its community. However, it is important to approach investment decisions with caution, conducting thorough research and recognizing the inherent risks involved. As always, make informed choices and exercise diligence when navigating the world of cryptocurrency.