Shibarium, the Layer-2 Blockchain of Shiba Inu SHIB/USD, Has Reported a Significant 54% Increase in Transactions

Shibarium, the Layer-2 blockchain developed by Shiba Inu (CRYPTO: SHIB), has witnessed a substantial 54% surge in transactions, as reported by data aggregator Token Terminal.

This increase in daily transactions, along with the total number of addresses and other network metrics, underscores the growing interest and engagement in Shibarium.

What Happened: Commencing the day with 2.01 million transactions, Shibarium saw this figure escalate to 3.1 million within a 24-hour span. Concurrently, the total addresses on Shibarium reached a new peak at 204,182,966, highlighting the expanding user base of the network.

Further delving into Shibarium's performance, the network has executed over 1.13 billion transactions to date, with the recent spike in daily transactions contributing to this increment. The total blocks on the network have crossed the 10 million mark, now standing at 10,791,495.

In another development, the SHIB token burn rate witnessed a whopping 22,598% surge. Within the past 24 hours, 25,770,312 SHIB tokens were taken out of circulation.

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

However, despite this growth, the price of Shiba Inu did not see a corresponding rise.

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At the time of writing, SHIB was down 2.5% in the last 24 hours to $0.00001231, continuing the broader profit-taking trend in the crypto market.

This downturn follows a week-over-week decline of 6.8%, again reflecting the prevailing market narrative.

What's Next: The surge in Shibarium's transactions and the SHIB token burn rate signify the growing adoption and user engagement in the Shiba Inu ecosystem, driven by initiatives like Shibarium and the community's efforts to burn SHIB tokens.

However, this growth in activity has not translated into an increase in SHIB's price, reflecting the broader profit-taking trend in the cryptocurrency market.

As Shibarium continues to evolve and new use cases emerge, investors and market participants will be closely watching to see if this growth in activity translates into gains for SHIB in the coming months.